Bitcoin becomes a digital version of gold in the eyes of investors

Bitcoin is gradually ceasing to be a speculative asset and turning into a digital version of gold, they saidBloomberg analysts in their latest report. They cited a number of factors that speak in favor of the development of the digital money industry, reports RBC Crypto.

The first one is reducing volatility.Fluctuations in the rate of the main digital coin over the annual period become weaker, while the same indicator on the stock market is growing, experts noted. They clarified that the price of Bitcoin has fallen by 5% since the beginning of the year compared to a 22% decline in the S&P 500 index. This indicates the maturation of BTC as a new type of asset, and its recognition by investors as an analogue of gold, the publication believes.

Another factor analysts called an increasetrading volume of bitcoin futures. This helps to reduce the speculative component, experts stressed. They also noted the restoration of the rate of the first cryptocurrency after a two-year fall, which indicates its gradual recognition.

The publication added that Bitcoin is stillhighly dependent on the stock market. However, this correlation will decline in the future, experts suggested. In addition to this, they believe that BTC is becoming a less risky asset, as evidenced by a significant recovery in its price after the March decline of 45%.

"An increase in interest in futures and a decrease in volatility, despite the shock in the stock market, indicates that Bitcoin is being transformed from a speculative crypto asset into a digital version of gold.",” summarized in Bloomberg.

At the end of March, stock exchange analystsKraken predicted that Bitcoin will gain traction in the future thanks to millennials. Over the next 25 years, the younger generation could invest about $1 trillion in the first cryptocurrency, which will lead to its rise in price to $350,000, experts suggested.

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