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Bitcoin is becoming a safe-haven asset, and institutions have taken note

May 4, 2023


Bitcoin (BTC) saw a sharp rally over the month, hitting a 12-month high around $31,000 on April 14th at the same time that Ether (ETH) was enjoying its post-Shapella surge. According to Anthony Georgiades, co-founder of Pastel Network and General Partner at Innovating Capital, BTC’s recent moves show that the number-one cryptocurrency is maturing and evolving as an asset, which could change how it responds to future economic events.

“The breakout really started after the banking issues began to unfold, and it was quite fascinating,” Georgiades said. “It’s really a couple of paradoxical factors that represent both the past, in which Bitcoin’s value has been largely speculative in demand, and the future, in which Bitcoin started to really step into its role as that safe-haven asset.”

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