Veteran Analyst Says Bitcoin’s Safe-Haven Dream Is Cracking — But Crypto’s Next Era May Just Be Beginning
Veteran analyst Ran Neuner suggests Bitcoin's safe-haven narrative is failing as it acts like a risk-on asset, signaling a potential new era for crypto focused on AI.Summary
Veteran analyst Ran Neuner argues that Bitcoin's long-held thesis as a safe haven and digital gold is cracking, evidenced by its underperformance against gold during periods of global uncertainty and a weakening US Dollar. Analysts like Neuner, Willy Woo, and Henrik Zeberg observe that Bitcoin behaves as a high-beta, risk-on asset rather than a hedge against fiat debasement. This shift coincides with Bitcoin's full integration into traditional finance via ETFs and institutional adoption, which Neuner suggests removed the ideological fight and left the narrative unclear.
However, Neuner believes this decline in Bitcoin's store-of-value role signals the beginning of crypto's next era. He posits that the future utility lies in blockchain networks providing instant, programmable settlement rails necessary for the trillions of autonomous microtransactions required by the emerging AI economy. While Bitcoin may struggle with its original purpose, the broader crypto infrastructure and altcoins could capture significant utility in this AI-driven future.
(Source：BeInCrypto)