Grayscale: Bitcoin a tech trade for now, not digital gold, says Grayscale

The cryptocurrency's latest sell-off looks more like a retreat from growth, according to the crypto asset management firm. What to know : Grayscale said bitcoin’s recent slump tracked high-growth tech stocks, underscoring its role as a growth asset in the short term. Long term, the crypto's scarcity and resilience still support the digital gold thesis, but it hasn’t earned that status yet. Regulatory clarity and blockchain innovation could set the stage for the next leg of crypto’s recovery, the investment manager said.