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Bloomberg ETF Expert Defends Bitcoin Decline Alongside US Stock Amid Store of Value Debate

Bloomberg ETF Expert Defends Bitcoin Decline Alongside US Stock Amid Store of Value Debate
The recent US stock crash has raised questions about Bitcoin's role as a store of value and hedge against market declines. Bloomberg's senior ETF analyst, Eric Balchunas, argues that Bitcoin's hedge is against inflation, not stock declines. He states that no asset has withstood the decline, including US Treasury bonds. Enthusiasts suggest that it is too early to expect Bitcoin to act as a mature store of value and that it is still transitioning from a highly speculative asset. Data shows that Bitcoin has shown more resilience than gold and the S&P 500 during geopolitical tensions. As of now, Bitcoin is trading at $82,783, up 2.66% in the past 24 hours.

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