Why Isn’t Bitcoin Trading Like Digital Gold?

With the world's heightened uncertainty, many investors expected bitcoin to behave like a safe-haven asset, similar to precious metals. 

After all, bitcoin has gained a reputation as digital gold, in which case it should be a hedge for investors during these tumultuous times. 

Yet bitcoin has given investors little protection from the fear that has gripped the economy amid the war in Ukraine, sky-high inflation, and the threat of rising interest rates. So, what gives?

On the one hand, Apple Co-Founder Steve Wozniak has described bitcoin as “pure gold mathematics” and even a “mathematical miracle.” 

On the other hand, Wall Street veteran Lloyd Blankfein suggested that perhaps bitcoin isn't all it's cracked up to be.  

The crypto market has been in the doldrums, with the bitcoin price currently trading below $40,000 after soaring close to $70,000 in November. 

Worse, gold, which is considered bitcoin's chief rival asset, has been doing great and recently soared above the $2,000, a level it hasn't achieved in two years. Gold's rise only adds insult to injury for bitcoin investors. 

The cryptocurrency community was quick to shed light on the situation for the former Goldman Sachs CEO. 

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