Bitcoin celebrated its 13th-anniversary last month. Which place in the financial universe does this "teenager" take over the time? Naturally, the judgment on this constantly changes with the growing acknowledgment of Bitcoin. It started as a revolutionary experiment, and nowadays, it is considered a financial asset with a growing acceptance from investors reflected in the market cap of over $700 billion.
Earlier, Bitcoin was called a "digital gold," which came to replace the ancient store of value. However, it better suits the lifestyle of the modern generation, as it is easier to handle and store compared to gold; moreover, it is digitally trendy.
After that, some analysts considered it as an inflation hedge as the emission of Bitcoin is limited with twenty-one million coins while fiat is not. The ninety percent of maximum supply has already been mined.
Recently, it's been acknowledged as the gauge of the stock market as they collapsed simultaneously.
Let's check on the daily chart below to determine which nickname suits Bitcoin best. Continue reading "Bitcoin: Digital Gold, Inflation Hedge Or Stock Market Gauge?"