Bitcoin's Bull Case Strengthens As It Trades 'More Like Gold, Less Like Nasdaq,' Commentator Says

by Khyathi Dalal Benzinga Staff Writer

Zinger Key Points

Crypto analyst ElonMoney says Bitcoin’s relevance is rising as confidence in the U.S. dollar wanes.
He views Bitcoin as the financial “opt-out” for a generation disillusioned by the Fed and post-2008 system failures.
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Bitcoin BTC/USD is increasingly tracking gold rather than tech stocks, according to prevailing sentiment among cryptocurrency observers.

What Happened: Pseudonymous cryptocurrency commentator ‘ElonMoney’ outlined a growing bullish thesis for Bitcoin in a post on Substack on April 23.

He argues it's no longer just a speculative bet but a structural hedge in a world increasingly defined by inflation, geopolitical risk and institutional distrust.

Bitcoin isn't replacing gold, it's complementing it. The commentator’s six core arguments for Bitcoin's rising relevance are:

Declining Dollar Confidence: Rising deficits, protectionist tariffs and growing political dysfunction are eroding the dollar's reputation as a global safe haven. Bitcoin is emerging as a viable hedge amid this shift.
Digital Gold Thesis: With a hard cap of 21 million coins, Bitcoin offers transparent scarcity, liquidity and portability, a 21st-century version of "hard money."
Market Resilience: Bitcoin is increasingly trading more like gold and less like high-beta tech stocks on the Nasdaq, weathering market volatility with greater strength. This signals a potential decoupling from traditional risk assets.
Inflation Hedge: As U.S. debt skyrockets and monetary policy leans toward endless stimulus, Bitcoin's fixed supply makes it a credible defense against inflation and currency debasement.
Institutional and Generational Shift: Millennials and Gen Z, shaped by the 2008 financial crisis and the COVID era, have little trust in traditional financial systems. Bitcoin offers a permissionless opt-out route, the first of its kind.
Geopolitical Utility: Nations facing sanctions or seeking reserve diversification are exploring Bitcoin's censorship-resistant and borderless qualities. It's quietly becoming a tool in the global move toward de-dollarization.

ElonMoney believes Bitcoin is becoming a credible alternative to fiat — a decentralized asset for a deeply centralized world.

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Also Read: Bitcoin’s Dual Role Could Propel It To $200,000: Standard Chartered

What's Next: In another Substack post, ElonMoney noted short-term weakness in Bitcoin's technicals: it's currently trading below the Value Area High (VAH) and the 21/50 EMAs, signaling waning bullish momentum.

However, as long as BTC holds above the 200 EMA, bulls remain in control.

The key levels to watch are $93,015 which needs to be reclaimed to reignite bullish momentum. The support zones are $90,458, first downside target if VAH is not reclaimed, and $89,200 – the likely bounce area if further downside continues.

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