The bitcoin rally was catalyzed by microeconomic factors at the end of 2023, but may have recently fused into the more macroeconomic-fueled gold rally, according to Wolfe Research.
On Friday, it hit record highs for a fourth consecutive session.
Bitcoin has also been trading at record highs this week, after hitting new all-time highs on both Tuesday and Friday.
Additionally, however, "positive factors for bitcoin have lined up over the past year," Stephanie Roth, Wolfe's chief economist, said in a note Thursday.
Gold is widely seen as a safe haven asset and inflation hedge, a narrative many also ascribe to bitcoin, sometimes known as "digital gold."
Persons:
Bitcoin, It's, Stephanie Roth, bitcoin, Marion Laboure, Michael Bloom
Organizations:
Wolfe Research, Deutsche Bank, . Deutsche Bank
Locations:
U.S