Bitcoin Steps Up as a Safe Haven While Markets Struggle, Says NYDIG

In an April 25 note, Greg Cipolaro, head of research at NYDIG, said Bitcoin’s behavior over the past week stood out compared to usual trading patterns.

While the S&P 500 and Nasdaq have weakened, Bitcoin has gained around 13% since the start of April. At the same time, the US dollar and long-term Treasury bonds have not performed strongly.

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Cipolaro pointed out that Bitcoin often behaved like a high-risk tech investment. However, it has recently acted more like a store of value, separate from traditional assets.

He noted that although this change is still early and could be temporary, it has been noticeable to those following crypto markets closely.

However, there are still only a few large and liquid options for investors moving away from traditional financial systems. Gold remains the biggest, with a market value of around $22 trillion. Bitcoin’s market size is much smaller, at about $1.8 trillion.

NYDIG also noted that among the major digital assets, Bitcoin is one of the few focused only on storing value, while many others are tied to running decentralized applications.

Saifedean Ammous, an economist and author, explained what would happen to Bitcoin if Michael Saylor's company, Strategy, owned nearly half of it. What did he say? Read the full story.