Why hasn't Bitcoin become digital gold yet?
Many investors view BTC as "digital gold" – a scarce asset that cannot be printed more and serves as a safe haven during market turmoil. They expect Bitcoin to decouple from the traditional financial system, to rise in value when stocks collapse, just like gold often does.
However, research by Sam Callahan and Lyn Alden indicates the opposite: Bitcoin is not digital gold but a risky asset - in fact, the most sensitive asset in the world to global liquidity.
Why is this the case? What does it mean for your investment decisions? In what context can BTC truly become digital gold?
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