Does Bitcoin behave like a store of value? Or is it like an asset tech?

$BTC - $NASDAQ - $GOLD

Nasdaq -> pink line

Gold -> purple line

As you can see BTC is much more related even in the long term (here I start from 2012) to the nasdaq,

The price movements are more similar, on the first two ATH of 2021 of $BTC the nasdaq also followed it making new highs, not in the same days but in the same periods while the gold was lateralized.

The bottom of 2022 matches more with the nasdaq while gold had already started to rise just before (this timeframe is monthly) and then see nowadays that the geopolitical tensions are raising gold without many turns while #bitcoin and nasdaq retested the structure.

There is no inverse or direct correlation between these 3 assets but surely I can certainly say that BTC for years with few exceptions has been behaving more as a tech asset rather than as a store of value.

If the Nasdaq were to start to collapse because of the war I expect BTC to follow it and that the gold rises.

So since the correlation of Bitcoin is much more similar to the Nasdaq, why is it considered a store of value?

Simply because since Bitcoin was born it has done nothing but rise in price, despite the bear markets and the price corrections it has suffered, its value in the long term has continued to increase.

It does not respond to the dynamics of gold at the moment, if a new war breaks out the Nasdaq corrects, Bitcoin corrects and gold rises, but despite the declines over the long term it will tend to rise thanks to the limited supply, thanks to the institutional interest, thanks to the strong community of Bitcoiner and the large companies that invest in this sector, thanks to the culture that has been built and is being built around Bitcoin.