- Bitcoin is often touted as a digital gold.
- The market turmoil has challenged that narrative.
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Happy Friday, Trista here.
BlackRock’s Larry Fink famously touts Bitcoin as digital gold. But this week was yet another reminder that Bitcoin — and indeed, crypto in general — behaves as anything but.
Gold on Friday hit $3,000 an ounce for the first time.
Trump’s zig-zagging tariff policies are giving investors whiplash, driving them into havens like gold.
The precious metal has spiked and so has Wall Street’s “fear gauge,” the VIX, which is up 57% over the past month.
Words like “correction” and “recession” are popping up an awful lot — alongside more colourful terms like “psychodrama.”
Investors are dumping risky assets at levels not seen since the Covid-19 pandemic.
The S&P 500 is down more than 8% from its February 19 record, while the tech-heavy Nasdaq has plunged about 12% from a recent high.
All of this upheaval should, in theory, send investors to Bitcoin. It’s a finite asset, it’s never been hacked, and backers like Fink claim it’s a great hedge against currency debasement and geopolitical strife.
And yet, time and again, Bitcoin’s price behaves just like a tech stock on the Nasdaq.
Bitcoin is down an eye-watering 22% from its January record. It’s now hovering at about $84,000.
The trend has not gone unnoticed. The ETF Store’s Nate Geraci said on X: “If Bitcoin equals ‘digital gold,’ then time to act like it. Otherwise, it will reinforce the narrative that it’s simply a high beta asset.”
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Investors have been dumping Bitcoin exchange-traded funds. It’s been brutal.
Bitcoin traders pile $550m into bets that the price will go even lower
Traders are covering the downside risk of a Bitcoin slump this month. Analysts are still bullish on long-term price recovery.
Post of the Week
The market has been in turmoil. As always, some traders put their money into their hopes that the market bounces back.
me buying one more dip pic.twitter.com/6jmUDHV60b
— lynk (@lynk0x) March 10, 2025