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“The community has overwhelmingly positive sentiment with altcoins running up and Bitcoin all-time highs,” she said. “It must be noted that near the top, we will likely witness a lot of volatility. A 14% fall in Bitcoin in a matter of hours after the fresh all-time high and a quick rebound wiped out more than a billion dollars in long and short positions in a single day. This is the highest liquidation event we have seen in over six months.
“The recent surge in Bitcoin's price prompts a reflection on its underlying value and the narratives surrounding its ascent, especially in comparison to traditional assets like gold, stocks, bonds and real estate,” Zagury said in a note shared with Kitco Crypto. “Market participants are recognizing Bitcoin as a novel savings technology, akin to other nascent assets, which naturally entails volatility as they grow.
“This scarcity, coupled with Bitcoin's efficiency in transfer and storage compared to the physical constraints of gold, positions Bitcoin as a superior asset,” he said. “Bitcoin has the potential to gradually demonetize not only gold but other major asset classes that historically have been used as savings technology like stocks, bonds, and real estate.”
“However, Bitcoin's potential to outperform gold as a store of value and its utility in portfolio diversification suggest significant upside, especially when considering its relatively small market cap compared to other asset classes,” he said. “The ETF allows anyone with a brokerage account to now have access to Bitcoin. This is a game changer and the potential impact is way underestimated, in my opinion. The capital flows into Bitcoin ETF dwarf the flows into gold ETF.
– While the weaponization of the dollar is a major issue, U.S. fiscal deficits and the greenback’s weakness down the road are also driving the world’s central banks to accumulate gold, according to Bloomberg macro strategist Simon White.Déjà vu for crypto investors as Bitcoin hits a new ATH, plunges 6%, then recovers above $69k
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