It was a big month for decoupling — a term for Bitcoin’s divergence from tech stocks’ performance.
The trend matters to Bitcoin backers because it’s a sign that the cryptocurrency is starting to act not as a risky asset like equities, but more like gold, as a haven in times of turmoil.
In April, Bitcoin was up 13%, outperforming gold, which gained 7.5%.
The tech-heavy Nasdaq, meanwhile, has been flat.
Analysts have noticed the shift.
“Big boy institutions are waiting for [Bitcoin] to behave like a safe haven,” Bloomberg Intelligence analyst Eric Balchunas tweeted. “When it does, look out.”
US President Donald Trump’s tempestuous tariff regime — which began on April 2 — caused chaos in markets and led investors to question the primacy of the dollar.
The dollar slumped 4.3% in April.
The turmoil has left investors searching for an alternative to US dollars and US debt. Bitcoin is seen as a beneficiary.