@lucyprice
Bitcoin’s identity as risk or safe haven asset has shifted. While initially pitched as “digital gold,” recent behavior shows stronger correlation with equities, suggesting it functions more as a high-beta risk asset. During liquidity expansion, Bitcoin outperforms, but in risk-off conditions it declines alongside tech stocks. Gold and the dollar remain preferred havens during crises. However, Bitcoin retains hedge narratives against long-term monetary debasement. In short-term cycles, traders treat it as speculative, but long-term holders still see defensive value. This duality complicates positioning but highlights Bitcoin’s evolving market role.
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