Bitcoin (CRYPTO: BTC) is increasingly tracking gold rather than tech stocks, according to prevailing sentiment among cryptocurrency observers.
What Happened: Pseudonymous cryptocurrency commentator ‘ElonMoney’ outlined a growing bullish thesis for Bitcoin in a post on Substack on April 23.
He argues it's no longer just a speculative bet but a structural hedge in a world increasingly defined by inflation, geopolitical risk and institutional distrust.
Bitcoin isn't replacing gold, it's complementing it. The commentator’s six core arguments for Bitcoin's rising relevance are:
- Declining Dollar Confidence: Rising deficits, protectionist tariffs and growing political dysfunction are eroding the dollar's reputation as a global safe haven. Bitcoin is emerging as a viable hedge amid this shift.
- Digital Gold Thesis: With a hard cap of 21 million coins, Bitcoin offers transparent scarcity, liquidity and portability, a 21st-century version of "hard money."
- Market Resilience: Bitcoin is increasingly trading more like gold and less like high-beta tech stocks on the Nasdaq, weathering market volatility with greater strength. This signals a potential decoupling from traditional risk assets.
- Inflation Hedge: As U.S. debt skyrockets and monetary policy leans toward endless stimulus, Bitcoin's fixed supply makes it a credible defense against inflation and currency debasement.
- Institutional and Generational Shift: Millennials and Gen Z, shaped by the 2008 financial crisis and the COVID era, have little trust in traditional financial systems. Bitcoin offers a permissionless opt-out route, the first of its kind.
- Geopolitical Utility: Nations facing sanctions or seeking reserve diversification are exploring Bitcoin's censorship-resistant and borderless qualities. It's quietly becoming a tool in the global move toward de-dollarization.
ElonMoney believes Bitcoin is becoming a credible alternative to fiat — a decentralized asset for a deeply centralized world.
Also Read: Bitcoin’s Dual Role Could Propel It To $200,000: Standard Chartered
What's Next: In another Substack post, ElonMoney noted short-term weakness in Bitcoin's technicals: it's currently trading below the Value Area High (VAH) and the 21/50 EMAs, signaling waning bullish momentum.
However, as long as BTC holds above the 200 EMA, bulls remain in control.
The key levels to watch are $93,015 which needs to be reclaimed to reignite bullish momentum. The support zones are $90,458, first downside target if VAH is not reclaimed, and $89,200 – the likely bounce area if further downside continues.
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