Bitcoin: Safe-Haven Asset or Risk Asset?
On April 22, 2025, traditional safe-haven assets like gold, the Japanese yen, and the Swiss franc fell due to a decrease in risk-aversion sentiment, while Bitcoin surged by 7%, reaching $93,663, and approached $94,453 the next day. The three major U.S. stock indexes rose over 2.5%, the U.S. dollar index increased, and gold dropped to $3,411 per ounce. The cryptocurrency market heated up, with Ethereum rising over 10%.
Bitcoin's Rise Logic
Enhanced Safe-Haven Attributes:
U.S. Dollar Credit Crisis: The proportion of U.S. dollar foreign exchange reserves has fallen to 58%, and de-dollarization has driven up Bitcoin demand.
Economic Stagflation Risk: U.S. PMI is sluggish, with core CPI reaching 2.4%, leading funds to shift from U.S. stocks to Bitcoin.
Global Reserve Demand: Global gold reserves are expected to increase to 4,974 tons in 2024, leading to rising demand for Bitcoin as “digital gold.”
Favorable Policies:
Trump supports cryptocurrency and stated on April 22 that he does not plan to fire Federal Reserve Chairman Powell.
New SEC Chairman Paul Atkins (who took office on April 21) is pro-crypto, expected to bring relaxed regulations.
Market Dynamics: Bitcoin is decoupling from U.S. stocks and has an increasing negative correlation with the U.S. dollar, attracting investors.
Conclusion
Bitcoin exhibits safe-haven attributes, but its high volatility and dependence on the U.S. economy make its status unstable. Attention should be paid to policies, economic indicators, and institutional trends.
On April 22, 2025, traditional safe-haven assets like gold, the Japanese yen, and the Swiss franc fell due to a decrease in risk-aversion sentiment, while Bitcoin surged by 7%, reaching $93,663, and approached $94,453 the next day. The three major U.S. stock indexes rose over 2.5%, the U.S. dollar index increased, and gold dropped to $3,411 per ounce. The cryptocurrency market heated up, with Ethereum rising over 10%.
Bitcoin's Rise Logic
Enhanced Safe-Haven Attributes:
U.S. Dollar Credit Crisis: The proportion of U.S. dollar foreign exchange reserves has fallen to 58%, and de-dollarization has driven up Bitcoin demand.
Economic Stagflation Risk: U.S. PMI is sluggish, with core CPI reaching 2.4%, leading funds to shift from U.S. stocks to Bitcoin.
Global Reserve Demand: Global gold reserves are expected to increase to 4,974 tons in 2024, leading to rising demand for Bitcoin as “digital gold.”
Favorable Policies:
Trump supports cryptocurrency and stated on April 22 that he does not plan to fire Federal Reserve Chairman Powell.
New SEC Chairman Paul Atkins (who took office on April 21) is pro-crypto, expected to bring relaxed regulations.
Market Dynamics: Bitcoin is decoupling from U.S. stocks and has an increasing negative correlation with the U.S. dollar, attracting investors.
Conclusion
Bitcoin exhibits safe-haven attributes, but its high volatility and dependence on the U.S. economy make its status unstable. Attention should be paid to policies, economic indicators, and institutional trends.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
BTC
93,990.65
-1.09%