For a long time now it has been argued back and forth on if Bitcoin was a safe haven asset like Gold. While people have differing views it has become more and more apparent that for the modern age or the computer age Bitcoin acts just like gold.
Gold has been used historically as a store a value and a hedge against inflation. During the course of human history gold has maintained its value and was highly sought after. This was in part due to the scarcity of the mineral. As we have evolved and progressed though we created new things like the computer and the internet. With these creations, other stores of value were able to be created.
The most famous and popular one is Bitcoin. With humans and technology becoming more and more integrated things that have a scarcity value within the tech world become more and more valuable. Much like rare earth metals are extremely valuable to create sophisticated tech machines Bitcoin has a limited supply and those that are mined and "lost" from years ago continue to be lost. This is due to a lot of wallets being on flash drives that were thrown away. Those wallets and those coins are now forever lost and subtracted from an already limited supply.
Bitcoins' price actions given today's climate have really ended the discussion on the purpose and usage of Bitcoin. As the US dollar has weakened and COVID has run rampant safe havens like gold historically were typically where one would put their money. With the creation of Bitcoin though this idea has really changed leading to a huge shift in safe-havens. Where gold is the physical safe haven that you can hold in a digital world like the one we are creating Bitcoin serves as its "gold". Bitcoins price has by far outgained gold even as gold like bitcoin hits new highs and continues to have fantastic returns.
Bitcoins biggest comparison it was having to deal with was it followed the stock market and for a while it really did. That too though has fallen by the wayside as Bitcoin began to separate itself. At first, it was not a lot but for the last couple of weeks as Bitcoin has gone boom up the stock market has continued to march along at a much slower rate. This rate of return and price movements has completely separated Bitcoin from the stock market and cement itself as the newest edition of a safe haven asset.
