The title of this article may seem an affirmation, but in reality it is the conclusion that arises from recent events, which support how Bitcoin (BTC) consolidates its narrative as a reserve asset.
One of the most recent information Galaxy Research supports this vision. It is that for its analysts the fact that Bitcoin marks a new historical maximum (ATH) of 111,900 dollars “It is remarkable ”for the macroeconomic context in which it occurred.
“This rebound contrasts with the widespread weakness of the market, since US actions (S&P 500 and Nasdaq 100) fall and the yields of the treasure bonds rise,” said the specialists.
That is, while the shares suffer price drops and the treasure bonds are appreciated, BTC arises as an alternative and decentralized coverage in the midst of macroeconomic uncertainty. In addition, it shows that BTC begins to separate itself from the assets considered risk.
Another issue to highlight is that gold, traditional refuge asset, registered a 1.7% increase during the week of May 20 to 27, BTC performance lower figure, which in that same period rose more than 8%.
For Galaxy analysts, this makes it clear that “BTC behaves more and more as a reserve of value when moving along with gold, but BTC surpasses it both in magnitude and impulse, as BTC enters a new phase of price discovery.”
According to his thesis, Bitcoin’s price rebound could have been caused after Moody’s, one of the main credit risk rating agencies globally, will reduce the perspective of the sovereign debt of the United States From “stable” to “negative.”
As Cryptonotics reported, after the qualification was known, the yields of the United States Treasury bonds rose, and the 30 -year -old rate exceeded 5% for the first time since April. For their part, the assets considered risk, such as actions and cryptocurrencies, were painted red.
Every time the macroeconomic context does not give stability signs, investors reduce their exposure to risk assets and choose to place their holdings in safer instruments, such as treasure bonds, which generate less yields but are not exposed to market volatility.
But, on this occasion, Bitcoin had a rapid recovery. In this regard, the specialists indicated: “After the announcement, shares, bonds and the US dollar fell, while BTC and gold rose, an early sign that the markets were revaluing the risk and prioritizing non -sovereign assets.”
It is important to clarify that the concern for sovereign debt is not exclusive to the United States. In Japanlong -term bond yields reached historical maximums due to weak demand and cuts in the purchases of the Asian Central Bank.
And while macroeconomic uncertainty and distrust of sovereign debt is getting bigger, Bitcoin shines. But their behavior is no accident, but the reflection of a change of perception among investorsthat begin to see the true value that BTC has. Not for nothing, for many it is considered as “digital gold”, because of the characteristics that resemble it with precious metal: it is a decentralized asset and resistant to the censorship of banking entities and governments.
Blackrock, the world’s largest asset manager, had predicted in one of his reports that “as more investors understand and appreciate the nature of ‘digital gold’ of Bitcoin, it is reasonable to expect them to continue using this tool, which can sustain or increase the long -term price.”
Likewise, Blackrock describes BTC as a “unique diversifying asset”, whose characteristics make it “coverage against risks that traditional assets cannot address, particularly in times of greater geopolitical and economic uncertainty.”
And those characteristics are those that attracted the interest of companies and governments – such as El Salvador or the United States – that they see BTC as an asset with a potential greater than that of gold.
In this regard, Galaxy Research mentions this phenomenon that “continues to provide constant prices.” In addition, it highlights the purchase strategies of the asset by Strategy (formerly called Microstrategy) and Metaplanet, as more emblematic examples of the growing institutional adoption towards BTC.
Currently, Strategy occupies the first place in the ranking of companies that are quoted in the stock market with more BTC in their treasury. In total accumulate 580,250 BTC. Metaplenet, meanwhile, is in 11th place with 7,800 BTC.
For Galaxy analysts, BTC is increasingly negotiated “in line with its proposal of fundamental value: a decentralized and 0 low -value reserve.”
At this point there is a fundamental issue that shows that BTC could be more valuable than gold: its scheduled shortage. It is that the digital currency has a supply limited to 21 million units, whose broadcast is reduced every 4 years in an event known as the halving. It is a factor that influences in the medium and long term on its price, due to the dynamics of supply and demand. If more companies, governments and individuals decide to incorporate BTC to their reservations, this additional pressure on demand could boost its price at unthinkable levels.
For its part, the gold supply is uncertain and depends on factors such as mining, recycling and technological advances that could increase its offer. And this is where a risk appears, because if that increase is not accompanied by a real demand, the value of the precious metal and its traditional role as a reserve of value would be in doubt.
The most striking thing is that, in just 16 years of existence, BTC has managed to transform its speculative instrument image to consolidate as a true reserve asset.
