Bitcoin Price Rises. The Case for the Crypto as ‘Digital Gold.’
April 22, 2025
Bitcoin price rose while other cryptocurrencies fell early Tuesday, leading crypto enthusiasts to again hail the world’s largest crypto as “digital gold.”
Bitcoin is up 1.2% to $88,449 over the last 24 hours, according to CoinDesk data. It rose Monday as well, even when the U.S. stock market sold off sharply.
“Bitcoin’s performance suggests more investors might be getting comfortable with viewing it as a form of ‘digital gold’ that can perform independently from equities and act as a risk-off asset during periods of uncertainty,” said Gerry O’Shea, Head of Global Market Insights at Hashdex, a crypto asset manager.
Meanwhile, traditional haven asset gold hit a record high as it broke through the $3,500 level for the first time Tuesday. U.S. benchmark stock indexes were up slightly after big losses Monday. Investors responded to uncertainty around U.S. economic policy following President Donald Trump’s attacks on Federal Reserve chair Jerome Powell.
“Gold is now trading at its nominal all time high—which could foreshadow strong performance from bitcoin if investors’ appetite for risk-off assets increases—while global liquidity is increasing and the U.S. regulatory environment is rapidly improving,” O’Shea added.
Among other cryptos, XRP fell 1.7% while Ether dropped 2%. Solana traded flat over the last 24 hours early Tuesday according to CoinDesk.
Write to Elsa Ohlen at elsa.ohlen@barrons.com
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