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Bitcoin sheds ‘tech stock’ label as investors seek digital gold

What happened: Bitcoin emerges as digital safe haven amid tariffs and market turmoil Bitcoin is increasingly acting as a safe-haven asset rather than a volatile tech investment, says Alex Svanevik, CEO of blockchain analytics firm Nansen. In recent weeks, it has decoupled from the US stock market an…

AuthorYara Yang

Reading Time2 min

PublishedApril 23, 2025

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Bitcoin is increasingly acting as a safe-haven asset rather than a volatile tech investment, says Alex Svanevik, CEO of blockchain analytics firm Nansen. In recent weeks, it has decoupled from the US stock market and shown resilience amid global financial instability, including rising trade tensions between the US and China. The cryptocurrency surged 12% in the two weeks leading up to 22 April, even as the US imposed 125% tariffs on Chinese goods, followed by similar measures from China. While equities and altcoins struggled, Bitcoin stood firm, reinforcing its appeal during market uncertainty. Svanevik described this shift as “less Nasdaq — more gold,” reflecting changing investor sentiment.

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Meanwhile, the US government is exploring ways to add Bitcoin to its national reserves. President Trump has instructed agencies to pursue “budget-neutral strategies” to expand these holdings, which currently include BTC seized in criminal cases. Ideas under consideration include using tariff revenues and revaluing gold certificates to avoid selling physical gold. Also Read: Bitcoin holds strong above $87K as equity markets wobble Also Read: Bitcoin hits 45-day high amid dollar weakness The decoupling of Bitcoin from traditional equity markets, particularly the Nasdaq, suggests the digital asset may be gaining legitimacy as a hedge during economic uncertainty. This comes as recession fears mount: JPMorgan has raised the probability of a US recession in 2025 from 40% to 60%, citing the drag from unresolved tariffs and broader global trade disruption. If Bitcoin continues to mimic gold’s behaviour, it could attract a new class of institutional and sovereign investors seeking alternatives to traditional safe havens. With US Treasury-backed initiatives now considering innovative funding channels for crypto reserves, Bitcoin’s evolving role in fiscal strategy may further solidify its standing as “digital gold” in an uncertain economic future.