Bitcoin at $1 Trillion: Store of Value or Speculative Asset?
At a $1T market cap, Bitcoin is being pulled into conflicting narratives.
Is it digital gold?
A risk asset?
An inflation hedge?
Or a high beta tech proxy?
When inflation rises, Bitcoin trades like growth stocks.
When liquidity tightens, it drops with risk assets.
When banking stress hits, it rallies like a safe haven.
Institutions want stability.
Traders want volatility.
Regulators want control.
Bitcoin sits in the middle, too big to ignore, too volatile to define.
Narrative war ongoing.
Positioning uncertain.
Volatility inevitable.