Bitcoin is increasingly acting like just another tech stock

nikholas

Written by: David Yaffe-Bellany

Bitcoin was conceived more than a decade ago as “digital gold,” a long-term store of value that would resist broader economic trends and provide a hedge against inflation.

But bitcoin’s crashing price over the past month shows that vision is a long way from reality. Instead, traders are increasingly treating the cryptocurrency like just another speculative tech investment.

Since the start of this year, bitcoin’s price movement has closely mirrored that of the Nasdaq, a bench mark that’s heavily weighted toward technology stocks, according to an analysis by the data firm Arcane Research. That means that

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