“BTC has always had two key narratives:” a short-term risk asset, sensitive to liquidity expectations, but also as a longer-term store of value.
Several years back, many in the crypto community described Bitcoin as a “safe-haven” asset. Fewer are calling it that today.
A safe-haven asset maintains or increases in value in times of economic stress. It can be a government bond, a currency like the US dollar, a commodity like gold, or even a blue-chip stock.
A spreading global tariff war set off by the United States, as well as troubling economic reports, have sent equity markets tumbling, and Bitcoin too — which wasn’t supposed to happen with a “risk off” asset.
