Bitcoin’s slide to around $60,000 earlier this month looked familiar, not to gold bugs, but to tech investors, crypto asset manager Grayscale said in a Monday report.
As high-growth software stocks sold off, bitcoin fell in near lockstep, reinforcing the view that, for now, the world’s largest cryptocurrency trades more like an emerging technology than a mature store of value, the report said.
The cryptocurrency’s design, capped supply, independence from governments and a resilient, decentralized network, gives it the long-term qualities of a store of value. But at just 17 years old, bitcoin is still early in its monetary journey, especially compared with gold’s millennia-long history, the firm argued.
“Bitcoin can be…
