Bernstein: Investors May Now View Bitcoin More as a Non-Sovereign Store of Value

According to a report by DL News, the price of Bitcoin surged above $94,000 on Wednesday, and some analysts believe this indicates a change in how investors value the asset.

Gautam Chhugani, an analyst at brokerage firm Bernstein, stated in a report to clients: "In all my time studying cryptocurrencies, this is the best Bitcoin price performance I have witnessed. At times like this, it's hard not to invest in cryptocurrencies.

Bitcoin has shown relative resilience during the Nasdaq index decline, and it has rebounded more after the Nasdaq rallied. Investors may now see Bitcoin more as a non-sovereign store of value and as a tool to hedge against geopolitical uncertainties, policy errors, and currency depreciation.