Anastasia Amoroso explains why bitcoin has been on a tear recently. She sees the world’s largest cryptocurrency as a tech asset. Bitcoin is currently up roughly 80% versus the start of the year.

Bitcoin has been on a tear ever since the Federal Reserve skipped a rate hike for the first time since March 2022.

Another potential reason why the cryptocurrency has been in favour recently is because the central bank is now closer to the end of its cycle that typically tends to draw interest into the risk-on assets.

Most importantly, the recent strength is a proof that crypto as an ecosystem has stood the test of time, as per Anastasia Amoroso – the Chief Investment Strategist at iCapital.

“The fact that institutional investors are still stepping into the space and bitcoin tells you that this is an asset class that is most likely here to stay.”

Earlier this week, Fed Chair Jerome Powell also agreed that cryptocurrencies seem to have some staying power (read more).

Bitcoin has gained sharply even though the U.S. Securities & Exchange Commission sued both Binance and Coinbase this month.

Part of the reason may be because neither of those lawsuits categorized it as a security. If anything, investing in Bitcoin is more akin to adding a high-flying tech stock to your portfolio, added Amoroso on Yahoo Finance Live.

There’s a technological aspect to bitcoin. But there’s also volatility that is associated with it that is much more in line with a high-flying, high-beta tech stock than anything else.

She also dubbed the recent regulatory crackdown a net positive for the crypto market in the long run on Thursday.

The post Anastasia Amoroso: Bitcoin is like a ‘high-flying, high-beta tech stock’ appeared first on CoinJournal.

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