In our view, four trends are increasing bitcoin’s value proposition: ▪️The macro and policy backdrop shaping demand for scarce digital assets ▪️Structural ownership trends across ETFs, corporates, and sovereigns ▪️Bitcoin’s relationship to gold and the broader store-of-value continuum ▪️Evidence that bitcoin’s drawdowns and volatility are diminishing when compared to prior cycles This article outlines them ⬇️(ARK Invest)