Source: Cointelegraph
Original: “NYDIG: Bitcoin (BTC) Shows 'Store of Value' Properties Amid Trump Policy Chaos”
According to analysis from the New York Digital Investment Group (NYDIG), Bitcoin (BTC) has begun to exhibit characteristics of a store of value during a period of heightened risk aversion in the United States, indicating a potential shift in its relationship with traditional assets.
Greg Cipolaro, NYDIG's global research director, noted in a market report on April 25 that Bitcoin displayed "markedly different" characteristics during the trading week ending April 25.
"In recent weeks, we have observed subtle changes in its behavior," he added. "While the decoupling from traditional risk assets is still in its early and fragile stages, this shift is clearly perceptible to those who are constantly monitoring the crypto market."
"Bitcoin's performance is no longer akin to a liquidity-leveraged version of the beta coefficient of U.S. stocks, but rather resembles its intrinsic nature as a non-sovereign issued store of value."
Cipolaro pointed out that since early April, Bitcoin has risen over 13%, while the S&P 500 and tech-heavy Nasdaq indices have declined due to global trade tensions triggered by Trump's tariff policies.
He stated that since the election and Trump's announcement of the "liberation day" tariff policy on April 2 (which imposes different tax rates on all countries, with a minimum of 10%), the performance of the dollar and long-term U.S. Treasury bonds has also been poor.
Cipolaro noted that currencies like gold and the Swiss franc have consistently been stable winners as safe-haven assets, while Bitcoin is emerging as a non-sovereign store of value.
As volatility spikes in the stock market (VIX index), foreign exchange (CVIX index), and interest rates and bonds (MOVE index), investors are seeking safe-haven assets.
Cipolaro indicated that investors are also looking for alternatives to U.S. hegemony, whether in stocks, bonds, foreign exchange, or commodities.
However, Cipolaro pointed out that for investors seeking alternatives outside the traditional financial system, there are very few large and liquid options available.
Gold remains the largest non-sovereign store of value, with a market capitalization of about $22 trillion, while Bitcoin's market capitalization is only $1.8 trillion, representing just a small fraction of that.
Additionally, he stated that among major crypto assets, Bitcoin is the only one "focused on currency or store of value use cases," while other crypto assets are better described as fuel for decentralized application platforms.
Cipolaro concluded that despite Bitcoin's recent significant rise, "the market shows almost no signs of overheating," and the recovery is still in its early stages.
Related: Bitcoin (BTC) price may hit an all-time high in May—here's why.
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