URBAN LEGEND OR NOT — Testing two crypto-finance assumptions
Legend One: “Bitcoin is digital gold.” Legend Two: “Bitcoin leads the Nasdaq.”
(1) Two narratives
Two narratives have shaped how investors think about Bitcoin’s place in the macro landscape. Both feel intuitive. Both get repeated as if they were settled. Neither has been seriously tested in the open.
Legend One: “Bitcoin is digital gold.”
The claim says BTC and Gold are substitutes — capital rotates between them based on relative at…
