A Bitcoin is a Bitcoin becomes the narrative as the drop gets ‘too painful’
As the as prices plunged amid monetary policy tightening, narrative around cryptocurrency has changed among its fans. Bitcoin has lost roughly 60% this year and has been trading below $19,000 in recent days
Virtual money, digital gold, inflation hedge, uncorrelated asset, store of value: those are phrases once used by Bitcoin’s fans to describe the cryptocurrency’s virtues. Its new narrative? A Bitcoin is a Bitcoin.
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