Analyst: Bitcoin Rises on Concerns Over U.S. Fiscal Deficit, Not Speculation

According to a report by Jinse Finance, Bitcoin is being positioned as a primary defensive tool against the impending U.S. financial crisis, standing alongside gold, and is likely one of the main driving forces behind its current surge, according to an analyst. On Monday, Bitcoin broke through $121,000 to reach a new high, but Markus Thielen, Head of Research at 10x, pointed out in a report shared with Cointelegraph: “This rally is not driven by hype, but by deeper underlying factors.” Thielen stated that Bitcoin has shifted from a tech story to a macro asset, specifically serving as a hedge against U.S. fiscal irresponsibility. “The narrative has completely changed: no one is talking about blockchain use cases or Bitcoin’s technological potential anymore,” Thielen added. “Bitcoin has evolved into a macro asset, a hedge against reckless deficit spending.”