While some policymakers have described Bitcoin as a store of value, its recent price action seems to suggest itâs being treated more like a high-beta tech stock.
瑞士加密银行 Sygnum 的分析师在最近的一份市场展望报告中表示,尽管包括美联储主席杰罗姆·鲍威尔在内的众多意见领袖将比特币 (BTC) 描述为避险资产和黄金的潜在替代品,但其近期的价格走势导致一些人将其与科技股进行比较。
然而,分析师指出,比特币的价格主要受到其作为价值存储资产的认知所驱动,而不是其网络上的技术相关应用。
“实际上,比特币基本上不是一种技术游戏,因为其价值只有一小部分来自于网络上的应用程序和其他相关活动,而其大部分价值取决于它是否被接受为一种价值存储资产。”
西格纳姆
It has long been assumed that Bitcoin would be traded as a gold proxy, while Ethereum (ETH) would serve as the crypto market proxy, given its significant market share in blockchain applications. However, Bitcoin is increasingly being seen as the de facto crypto market proxy, which impacts its price behavior, Sygnum notes. As the analysts say, this impact is evident in the weak adoption of spot Ethereum exchange-traded funds, with many new investors concluding that holding Bitcoin is enough exposure to the crypto sector.
âThis is also evidenced by the poor adoption of the Ethereum ETFs â new investors for now conclude that a Bitcoin holding is sufficient to have exposure to the crypto market.â
Sygnum
The analysts caution that this trend could hinder Bitcoinâs progress as a reserve asset if it continues to behave like âthe Nasdaq on steroids.â Addressing Bitcoinâs future, the Swiss crypto bank says the cryptocurrencyâs role could depend largely on actions from the U.S. administration, which may influence whether Bitcoin is viewed as âdigital goldâ or a crypto market proxy.