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234 sats \ 1 reply \ @endothermicdev 11 Apr \ on: Can I Say One Thing About Bitcoin? bitcoin
To be frank, this last month is the first time I saw Bitcoin not behave like the typical risk-on asset it’s long been lumped in with. It didn’t act like quite the safe haven gold has, but it has firmed up in its beta with the overall market.
I want to be clear: it’s still early, and this trend could reverse on a dime. But this month has felt like a potential break in the pattern—like we might be witnessing the first glimmer of Bitcoin decoupling from risk on, and drifting towards safe haven.
There's a long way to go yet, but it does feel like bitcoin the monetary network is transitioning to a new era. (I'm also encouraged by the record high 1 zettahash hashtate as miners turn on even more hashpower in the face of global trade and monetary uncertainty.) As someone who was sick of seeing bitcoin trade as just another leveraged tech play, this is really quite exciting development. Once it establishes a safe haven reputation, the game will be in full swing.
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150 sats \ 0 replies \ @unschooled OP 11 Apr
The hash rate news is huge, and surprisingly, I didn't see it come up here on SN this week (very possibly, I could have missed it).
"Decoupling," a term that got tossed around fairly haphazardly to my estimation, is too strong a term as of yet. But there certainly is some tendency in that direction.
Once it establishes a safe haven reputation, the game will be in full swing.
Will be exciting to see that cat finally let out of the bag!
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