Bitcoin is positioning itself as a primary defense against an imminent financial crisis in the United States, alongside gold, and is likely one of the main drivers of its current surge, according to an analyst.

Bitcoin (BTC) just surpassed $121,000 in a new record on Monday, "but this surge is not driven by hype, but by something much deeper," said Markus Thielen, head of research at 10x, in a note shared with Cointelegraph.

Thielen stated that Bitcoin has transitioned from being a tech story to becoming a macroeconomic asset, specifically a hedge against the fiscal irresponsibility of the United States.

"The narrative has completely changed: no one talks about the use cases of blockchain or the technological promise of Bitcoin anymore," said Thielen, adding: "Bitcoin has become a macroeconomic asset, a hedge against uncontrolled deficit spending."$BTC