Bitcoin is finally trading like ‘digital gold’ – but only because nobody cares about crypto anymore

In the crypto world, Bitcoin is finally behaving like gold, with its 30-day volatility recorded near the five-year low according to a report by K33 as reported by Bloomberg. This has correlated to a period of low interest in cryptocurrencies from both institutional and retail markets following a tough 2022, when rapidly rising interests combined with spectacular failures of companies such as FTX hurt the value of the token below its then record high of nearly $69,000. In the present times Bitcoin trades at under $30,000 and volumes continue to diminish since November 2020, marking the reality of bear markets in the sector. However, hopes of a recovery remained when BlackRock announced its plans of launching a spot ETF tracking the token’s price. However, that optimism gradually dissolved coupled with the failed rally of cryptocurrency.

The wave changing events across the crypto sector has made evident that Bitcoin currency’s growing sturdiness has reluctantly come into fulfilment due to diminishing interests of the token globally. This undoing belies the longtime bullish belief of the asset being capable of transforming into a valuable ‘digital gold’ for secure investments in times of hardship. To conclude, the path that Bitcoin will take going forward is solely dependant on how strongly the crypto and blockchain sector will welt in an environment without much care, thus determinning the fate of digital World.

Robert Wilson author
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