Often referred to as “digital gold,” Bitcoin has long been considered a long-term store of value and a counterpoint against inflation. But fresh analysis from Swiss financial institutions reveals a change in this story. A research produced by important stakeholders in Switzerland’s expanding crypto banking industry claims that Bitcoin is now mostly seen as a market performance indicator rather than a digital analog to gold.

The results are grounded in client behaviour among Swiss private and institutional investors as well as market observations. Senior experts at SEBA Bank, a certified Swiss crypto bank, observe that the movement of Bitcoin reflects and determines the direction of the larger crypto market more and more. This…