According to ChainCatcher and DL News, Bitcoin's price surged above $94,000 on Wednesday, with some analysts suggesting this indicates a shift in investors' valuation of the asset.
Gautam Chhugani, an analyst at brokerage firm Bernstein, wrote in a client report: "This is the best Bitcoin price performance I've seen in all my years of studying cryptocurrencies. At this point, it's hard not to invest in crypto."
Bitcoin showed resilience during the Nasdaq index's decline and rebounded even more when the index recovered. Investors may now view Bitcoin more as a non-sovereign store of value and a tool to hedge against geopolitical uncertainty, policy mistakes, and currency devaluation.
