Willy Woo: Bitcoin's price trend is closer to NASDAQ, or it may still take a decade to be recognized as a safe-haven asset

BlockBeats News, April 24th - Cryptocurrency analyst Willy Woo stated that while most Bitcoin hodlers consider BTC a safe haven asset, the reality is more complex. Bitcoin does possess safe haven characteristics, such as the ability to cross-border transfer assets and start anew using a mnemonic phrase during times of war. Additionally, in theory, it should be independent of the traditional financial system and may even benefit from a system collapse.

However, in reality, during times of uncertainty and war, Bitcoin's transactional behavior is more akin to a risk asset, being highly sensitive to market sentiment. This is because large funds have not fully embraced Bitcoin's safe haven attributes, viewing it as still relatively new and lacking long-term validation, thus causing its price movements to resemble those of the Nasdaq. He believes that Bitcoin may need around 10 years or even longer to be widely accepted by the market as a safe haven asset. Once achieved, its market value may compete with that of gold.