According to a recent report from Grayscale Research, Bitcoin’s current market behavior aligns more closely with growth assets and technology stocks than with traditional safe havens like gold. While the ‘digital gold’ narrative has long been a cornerstone of Bitcoin’s investment thesis, recent data suggests that the cryptocurrency is increasingly sensitive to the same macroeconomic factors that drive the Nasdaq and other high-growth sectors. This shift is largely attributed to the increasing involvement of institutional investors and the prevailing global liquidity environment. Grayscale notes that Bitcoin’s high volatility and correlation with risk-on assets indicate that investors are currently treating it as a bet on technological innovation and future adoption. However, the report also emphasizes that Bitcoin’s unique properties, such as its fixed supply and decentralization, still provide a long-term hedge against currency debasement, even if its short-term price action mirrors that of a growth-oriented risk asset.
Source: Bitcoin is trading like a growth asset, not digital gold: Grayscale
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