Bitcoin is rallying on US deficit concerns, not hype: Analyst

Bitcoin has become a macro asset hedge against a $7 trillion deficit swing in the US and understanding that could be key to figuring out where the price is going.

Bitcoin is being positioned as a primary defense against a looming US financial crisis, next to gold, and is likely one of the main drivers fueling its current rally, according to an analyst. 

Bitcoin (BTC) just topped $121,000 in a new record high on Monday, “but this rally isn’t driven by hype — it’s fueled by something far deeper,” 10x head of research Markus Thielen said in a note shared with Cointelegraph.

Thielen said Bitcoin has transformed from a tech story into a macro asset, specifically a hedge against US fiscal irresponsibility.

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