Bitcoin's resilience amid geopolitical turmoil and broader market declines is examined, questioning its role as a risk asset. Long-term Bitcoin holders are accumulating, contributing to price stability, while volatility has decreased. The potential approval of a Morgan Stanley Bitcoin ETF could further drive demand, expanding distribution through established financial advisors. Despite criticisms regarding energy consumption and potential threats from quantum computing, Bitcoin's value is tied to its consumption of computational power, a scarce and valuable commodity. Ultimately, Bitcoin's long-term appreciation is linked to governments' continued money printing, making it a hedge against undisciplined monetary policy.
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