“Bitcoin is behaving less like a tech asset,” noted Alex Svanevik, CEO of analytics platform Nansen. According to him, BTC rose by 12% in the two weeks leading up to April 22, confidently diverging from the performance of the stock market, especially the Nasdaq.

He attributes this independence to the cryptocurrency’s transformation into a safe-haven asset: “Investors increasingly see Bitcoin as digital gold – especially amid trade tensions between the US and China and fears of a recession.”

At the same time, the US is also betting on Bitcoin at the state level. President Trump signed an executive order to create a Strategic Bitcoin Reserve. Initially composed of confiscated coins, it will later be supplemented through tariff revenues and the restructuring of Treasury gold certificates.

“This could strengthen trust in Bitcoin as a global asset,” Svanevik believes. Nevertheless, he warns: the threat of a recession persists, and JPMorgan has already raised its probability in the US to 60% in 2025.

Despite this, the market shows that Bitcoin is increasingly resembling a protective instrument rather than a volatile tech asset.