Bitcoin Behaving More Like Tech Stock Than Digital Gold, Say Sygnum Bank Analysts

Swiss crypto-focused Sygnum Bank is rethinking Bitcoin’s identity, suggesting it’s now acting more like a high-growth tech stock than a stable store of value like gold.

In their latest market outlook, Sygnum analysts questioned whether Bitcoin still deserves its “digital gold” label. They observed that Bitcoin’s price movements mirror those of high-beta tech stocks, not traditional safe-haven assets.

“Bitcoin isn’t primarily a tech play,” the report noted. “Only a small slice of its value is tied to network-based applications. Its main draw remains its store-of-value appeal.”

While leaders like Fed Chair Jerome Powell have endorsed Bitcoin as a modern alternative to gold, investor behavior tells a different story. Many new investors appear to treat Bitcoin as the go-to entry point for crypto exposure — especially with weak adoption of spot Ethereum ETFs.

The analysts warned that Bitcoin’s growing volatility may undermine its appeal as a long-term hedge, stating that it increasingly resembles “the Nasdaq on steroids.” They believe its future as a reserve asset depends heavily on U.S. policy decisions.

Echoing this sentiment, Garrison Yang of Web3 studio Mirai Labs said Bitcoin remains a risk asset, closely tied to stock market movements. He argued that unless Bitcoin breaks this correlation, it will struggle to become a true hedge against macroeconomic instability.

“To become a real hedge, Bitcoin needs to be more than decentralized and scarce — it must evolve into a recognized global currency backed by itself,” Yang said.