Bitcoin is being positioned as the primary defense against the impending US financial crisis, alongside gold, and is likely to be one of the main drivers of its current rally, according to one analyst. Bitcoin broke through $121,000 on Monday to set a new high, but 10x head of research Markus Thielen noted in a note shared with Cointelegraph: "This rally is not driven by hype, but by deeper factors."
Mr. Thielen said bitcoin had moved from a tech story to a macro asset, specifically a hedge against US fiscal default. "The narrative has completely shifted: no one is talking about blockchain use cases or the technical potential of bitcoin anymore," Mr. Thielen added. "Bitcoin has evolved into a macro asset, a hedge against unbridled deficit spending."
Analyst: Bitcoin Rises on US Fiscal Deficit Concerns, Not Hype
2025-07-14 06:16:04
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