Core Viewpoint - The narrative of Bitcoin as "digital gold" is being challenged, with analysts suggesting it behaves more like a speculative financial instrument rather than a hedge against inflation [2][4]. Group 1: Bitcoin's Characteristics - Bitcoin is often compared to gold due to its capped supply of 21 million coins, making it resistant to inflation and government manipulation [1]. - Historically, Bitcoin was seen as a hedge against monetary debasement, especially during economic crises [1]. Group 2: Analyst Insights - Barry Bannister from Stifel Financial Corp argues that Bitcoin's behavior has shifted; it no longer rises when the U.S. dollar weakens, which is contrary to its past performance [4][5]. - Bannister describes Bitcoin as a liquidity-driven trade rather than a defensive asset, suggesting it reflects a bet against the dollar's stability [5]. Group 3: Price Predictions - Stifel analysts have predicted a potential decline in Bitcoin's price to between $38,000 and $40,000, based on historical drawdown patterns [6]. - Bannister notes that Bitcoin has experienced three major drawdowns in 15 years, each stopping at similar percentage points on a chart [6].