While some policymakers have described Bitcoin as a store of value, its recent price action seems to suggest it’s being treated more like a high-beta tech stock.

Despite numerous opinion leaders, including Federal Reserve Chair Jerome Powell, describing Bitcoin (BTC) as a safe haven asset and a potential alternative to gold, its recent price behavior has led some to compare it to tech stocks, analysts at Swiss crypto bank Sygnum suggested in a recent market outlook report.

However, Bitcoin’s price is primarily driven by its perception as a store-of-value asset, not from tech-related applications on its network, the analysts note.

“In reality, Bitcoin is mostly not a tech play as only a small fraction of its…