This notion that Bitcoin is digital gold continues not to hold up when looking at how it behaves in “risk-off” environments. As much as I like the fundamental premise of it being the people’s currency, decentralized and at arms-length from government control, the fact is that it acts more as a speculative asset than any type of store of value. Maybe that will change, but for the moment, that narrative is secondary to Bitcoin being a speculation. The chart below shows Bitcoin in blue, Nasdaq 100 in red, and Gold in yellow. Visually, you can see that Bitcoin seems to…
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