Bitcoin does not work as a protective asset, and its stability above $60,000 against the background of geopolitical tensions does not make it “digital gold.” Alexey Mokrov, the founder of CryptoBotPro LLC, told Izvestia about this on August 23.
According to the expert, a classic defensive asset should retain value in the early days of the crisis, when investors massively reduce risk. Bitcoin behaves differently: it has a limited issue and global liquidity, but in times of money shortage it is often sold along with technological stocks.
“Bitcoin has emerged from the digital basement and settled on Wall Street. The more institutional capital it has, the more it reacts to interest rates and overall risk appetite. When investors urgently need money, they don’t sell what they no longer believe in, but what can be sold the fastest,” explained Mokrov.
He noted that at the same time, stability above $ 60 thousand is important: the market has become deeper, panic sales are absorbed faster. This is not yet a protective status, but a sign of growing up.
The main mistake, according to the expert, is to measure gold and bitcoin with “one ruler.” Gold protects against a crisis within the financial system, and bitcoin protects against the system itself: currency restrictions, blockages, devaluation of the national currency, depending on a particular bank or state.
“People buy gold when they stop trusting the market. Bitcoin is when people stop trusting the rules by which the market operates,” says Mokrov.
According to him, the base scenario for the coming weeks is a range of $60-68 thousand. Consolidation above $ 68 thousand can open the way to $ 70-72 thousand, and a loss of $ 62 thousand will increase the pressure on $ 60 thousand. Bitcoin has not yet become a full—fledged protective asset – its volatility is too high, and its dependence on global liquidity is too noticeable.
“Gold remains a bunker. Bitcoin has become a digital escape door. It does not save from every storm, but it gives capital an additional outlet when the usual financial infrastructure itself turns into a source of risk,” the expert summarizes.
Deputy Finance Minister Ivan Chebeskov announced on June 16 that unqualified investors in Russia will soon be able to legally buy bitcoin, ether and popular stablecoins. In addition, he clarified that a limit of 300 thousand rubles per year through one intermediary was proposed for non-shareholders.