Analysts say this rotation indicates that people are increasingly accepting Bitcoin as a legitimate portfolio hedging tool.

Christopher Wood, a global equity strategist at Jefferies, said in a latest interview: “I remain optimistic about gold and Bitcoin.” They have always been the best tool to hedge against the currency devaluation of the Group of Seven (G7).

However, there are also many skeptics in the market warning that the volatility of Bitcoin is still weakening its status as a true safe haven. In past macro shocks, such as the liquidation of the yen carry trade in August, Bitcoin and other risky assets fell sharply together.