Vicky Ge Huang

That's the narrative that it's supposed to be this digital gold, that it would perform better than gold.

But the reality is that it just has not acted like a hedge against inflation and has underperformed gold.

Yeah, so Bitcoin has actually been a bear market since late last year.

The crypto market has been experiencing same liquidity where there just hasn't been as much demand, whether from individual investors or institutional investors for digital assets.

And then coming into the new year, investors have been rotating out of tech stocks.

And in tandem with that, investors are rotating out of Bitcoin.

So it has been under further pressure in recent days because of that rotation and macroeconomic and geopolitical uncertainties.

Historically, Bitcoin...

has acted like a sort of highly leveraged tech stock.

It's been trading like a speculative asset where it's super volatile.

The industry has pitched it as a safe haven, a store of value, a hedge against inflation.

That's the narrative that it's supposed to be this digital gold

that it would perform better than gold.

But the reality is that it just has not acted like a hedge against inflation and has underperformed gold.

So a lot of crypto investors are saying that this is kind of the strangest crypto bear market in the entire history of the industry.

Because in the past crypto winters, what happened was that there would be a big scandal, a big hack into an exchange or something.

the collapse of a prominent industry company that would usher in this collapse in prices.

However, this time, it seems like a lot of Wall Street institutions are still adopting crypto or integrating crypto into their systems, such as Fidelity introducing their own stablecoin or

Wall Street firms are continuing to launch new crypto or digital assets funds for investors to invest in them.

So it seems like some investors believe that as long as this Wall Street adoption continues, eventually the market might bounce back slowly.