Grayscale: Bitcoin currently acts more like a tech stock than gold

Bitcoin currently behaves more like a tech stock than gold, according to an analysis from Zach Pandl, head of research at U.S. digital asset manager Grayscale. In a report cited by CoinDesk, Pandl noted that while Bitcoin has the long-term qualities of a store of value—such as a limited supply, independence, and a decentralized network—its price will remain sensitive to market risk appetite until it achieves widespread adoption. During this phase, it is more likely to move in tandem with growth stocks than to function as a hedge asset, he said. Pandl added that future developments, such as the establishment of clear regulations for stablecoins and asset tokenization, along with continued innovation in blockchain infrastructure, could lead to lower volatility for Bitcoin and a reduced correlation with tech stocks.