Willy Woo: Bitcoin's price trend is more similar to the Nasdaq, and it may still take a decade to be recognized as a safe-haven asset

BlockBeats News, April 24th - Cryptocurrency analyst Willy Woo stated that while most Bitcoin holders consider BTC a safe haven asset, the reality is more complex. Bitcoin does possess safe haven characteristics, such as the ability to cross-border transfer assets and start over using a mnemonic phrase during times of war. Moreover, in theory, it should operate independently of the traditional financial system and actually benefit in the event of a system collapse.

However, in reality, during periods of uncertainty and war, Bitcoin's transactional behavior is more akin to a risk asset, being highly sensitive to market sentiment. The reason for this is that large institutional funds have not fully recognized Bitcoin's safe haven attributes, deeming it still relatively new and lacking long-term validation, thus causing its price action to resemble that of the Nasdaq. He believes that Bitcoin may need around 10 years or even longer to be widely accepted by the market as a safe haven asset. Once achieved, its market cap could potentially compete with that of gold.