Bitcoin breaks 80K! I’ve mentioned the basis for this judgment several times before. When Bitcoin surged from around 60K at the bottom to near 80K, a fundamental shift occurred: What kind of asset is Bitcoin, really? Bitcoin is a multi-attribute asset: a store of value (hedging against inflation), a speculative asset, the largest decentralized value network, a medium for crypto payments, and more. The weight of these attributes shifts depending on the cycle and macroeconomic environment. The most dramatic change this cycle is: the U.S. Treasury bond crisis + weakening credit, which amplified Bitcoin’s role as a hedge against the dollar’s credit, pushing it closer to being positioned as digital gold, while its correlation with the Nasdaq continues to decline. In the past, rate hikes drained market liquidity, leading to sell-offs of risk assets. But this time, it’s defensive rate hikes with limited liquidity impact. However, the Fed can’t resolve the Treasury bond crisis or the dollar’s weak credit issue. While the Fed’s actions have limited impact on liquidity, they further amplify the dollar’s credit dilemma, enhancing Bitcoin’s safe-haven attribute. That’s why I remain optimistic about the market outlook and believe Bitcoin can carve out a relatively independent trend. #Bitcoin #Crypto #DigitalGold #BTC $BTC