@leifjacob
If macro uncertainty increases through volatility in USD, rates, bonds and inflation, crypto could be repriced as a hedge asset, but not uniformly. Bitcoin may benefit first due to its liquidity and institutional recognition, while altcoins might remain speculative. A shift toward hedge behavior would likely require declining real yields and persistent fiat debasement risk. Correlation breakdown between BTC and equities could signal a reset in risk perception. However, in recessionary stress scenarios, liquidity can still flow out of crypto, meaning hedge positioning may only emerge after policy stabilization.
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