Grayscale: Bitcoin is more like a tech stock in the short term; it needs to overcome volatility to become "digital gold."

In its latest report, Grayscale, a cryptocurrency asset management firm, points out that Bitcoin's recent drop to around $60,000 is more akin to a correction in high-growth tech stocks than a safe-haven phenomenon familiar to gold investors. This suggests that Bitcoin, at its current stage, is more like an emerging technological asset than a mature store of value. While Bitcoin possesses characteristics such as a fixed supply and a decentralized network, potentially making it a store of value in the long term, its 17-year history is far less significant than gold's millennia-long role as currency. Grayscale believes that the advancement of stablecoin and tokenized asset regulation, innovation in blockchain infrastructure, and the development of platforms like Ethereum, Solana, and Chainlink are expected to drive the next phase of adoption for Bitcoin and other crypto assets. Furthermore, if Bitcoin can resolve issues related to scalability, transaction fees, and quantum resistance, its volatility may decrease, its correlation with the stock market may weaken, and its future performance may more closely resemble that of "digital gold." (CoinDesk)