In a world where the financial landscape is as unpredictable as a Discworld novel, a recent report by Bitfinex has revealed that Bitcoin (BTC) is behaving more like a speculative asset than a reliable store of value. 🤑🤯
Apparently, the digital currency has been stuck in a consolidation phase for over 75 days, hovering around the mid-$90,000 range, while the shiny and trusty gold has been stealing the spotlight with a 9% increase this year. 💰💸
According to the report, BTC’s correlation with the S&P 500 remains elevated, and its relationship with gold has weakened, suggesting that it’s more of a risk-on asset than a traditional safe haven. 🎢🤷♂️
But fear not, dear readers! The long-term store of value narrative associated with ‘digital gold’ remains intact, thanks to factors like central banks increasing monetary supply and fiat devaluation risks. 🏦💰
However, the report warns that Bitcoin could face potential downside pressure if macroeconomic conditions deteriorate. But hey, who needs stability when you can have a wild ride, right? 🎢🤑
In the meantime, multiple US states are making strides in establishing their own BTC reserves, adding a touch of local flavor to the crypto chaos. 🇺🇸🤖
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2025-02-12 13:42