#美SEC促进加密资产创新监管框架 $BTC Now it’s more like a shadow of tech stocks

Are there still people hyping Bitcoin as a "store of value"? Just look at this year’s data.

When you buy Bitcoin, you’re essentially betting on the Nasdaq’s performance—or, more specifically, on a group of unprofitable tech stocks. What do they have in common? They’re both highly speculative, clearly cyclical, and crowded with retail investors.

Here’s the more crucial change: from 2020 to 2024, Bitcoin’s trend was highly correlated with the 10-year breakeven inflation rate. And now? Although people love to call it “digital gold” and you’ll occasionally see some safe-haven qualities, the truth is that most of the time it just follows the stock prices of those loss-making tech companies.

Hedge against inflation? Risk-resistant asset? These labels are increasingly hard to justify when you look at actual market performance.

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