Why Bitcoin Behaves Like a Tech Stock—But Might Still Be Digital Gold

Bitcoin is once again behaving like a risk asset, according to MicroStrategy co-founder Michael Saylor. He argues that Bitcoin's short-term correlation with stocks stems from its extreme liquidity, calling it “the most liquid and salable asset on the planet.” In times of financial panic, Saylor notes, investors tend to sell what they can, not what they want.

His comments come after Barstool Sports founder Dave Portnoy questioned why Bitcoin is moving in tandem with U.S. equities, despite its intended role as an uncorrelated digital currency. Portnoy’s viral post, which has garnered over four million views, reignited debates on Bitcoin’s true market behavior.

Adding to the discussion, JPMorgan recently claimed that the “digital gold” narrative around Bitcoin is faltering, pointing to its persistent correlation with stock market trends. Critics argue that Bitcoin functions more like a high-beta tech stock than a hedge like gold.

However, not everyone agrees. Bob Burnett, founder of Barefoot Mining, believes Bitcoin only tracks equities during major shifts in market direction. He insists that over longer timeframes, Bitcoin’s price movements diverge significantly from traditional assets.

While skeptics view Bitcoin as a risky proxy asset, advocates maintain its long-term value proposition remains intact. Saylor reiterates that the correlation is a short-term phenomenon, not a permanent feature of Bitcoin's behavior.

With attention from institutions like Fidelity, whose Solana ETF filing was recently acknowledged by the SEC, the crypto market continues to attract scrutiny and speculation. Despite current volatility, Bitcoin’s long-term narrative as digital gold remains central to the debate.