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Bitcoin functions as a risk asset rather than a safe haven - despite the 'digital gold' narrative, it typically trades in correlation with equities and only acts as a flight-to-safety during specific systemic banking crises.
“Traditionally, it is a risk asset. When you have a risk off day in the market and you have equities selling off, more often than not, you're going to see the crypto market selling off.”
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Crypto analysis is maturing into fundamental research - institutional players are moving past pure narratives to evaluate assets by combining macro trends, on-chain positioning, and blockchain-specific fundamentals.
“I really like to combine what's going on in the macro with what's going on with on-chain positioning, and then ultimately looking at the fundamentals of different blockchains.”
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Bitcoin remains a structural hedge against monetary debasement - while volatile in the short term, its fixed supply schedule provides a long-term mechanism to preserve purchasing power against expanding global debt.
“If you look at the amount of debt the US has printed in that time, if you look at the amount of monetary inflation and the buying power of the dollar, it's done extraordinarily well. Is it volatile in the short term? Absolutely. But I think it still has really maintained its position as a hedge against monetary debasement.”