Bitcoin: Is It Truly Digital Gold or a Software Stock?

▲ Is Bitcoin Really Digital Gold…Or a Software Stock? / ChatGPT-generated image

An analysis suggesting that Bitcoin (BTC) is moving not as “digital gold” but more like a software growth stock has reignited debate over the nature of the asset.

According to investment-focused media outlet FXStreet on February 27 (local time), Derek Lim of Caladan stated in a recent report that Bitcoin is exhibiting price behavior more similar to software stocks than to gold. He noted that while the market repeatedly asks, “Is Bitcoin digital gold?”, it is misguided to assume a fixed identity for the asset itself.

Bitcoin has fallen about 50% from its all-time high of $126,210 recorded on October 6, 2025. In contrast, gold reached a new record of $5,595 on January 29, 2026, and has risen about 25% since Bitcoin’s peak. During the same period, the Crypto Fear & Greed Index dropped to as low as 5 on February 6—an even more extreme level than during the COVID-19 market crash or the FTX collapse—and has since remained in the mid-teens.

Lim explained that historically, Bitcoin’s correlations have not been fixed. In 2017, it moved similarly to gold, while in 2021 it showed a high correlation with technology stocks. Given that the asset’s behavioral profile has shifted depending on macroeconomic conditions, he argued that it is inappropriate to confine the current price trend within a single interpretive framework.

He particularly highlighted that Bitcoin has recently undergone corrections similar to growth stocks, unlike gold. This suggests that the market currently views Bitcoin not as an inflation-hedging asset but as a high-risk, high-growth asset. The contrast—gold setting new record highs while Bitcoin has been halved from its peak—was presented as evidence that the two assets are not fulfilling the same role.

Ultimately, the key issue is not the identity debate itself but the changing classification of assets according to macroeconomic phases. Whether Bitcoin shifts back into a safe-haven framework similar to gold or continues to behave like a software stock within the risk-asset category will depend on future market conditions and liquidity flows.

Disclaimer: This article is for investment reference only and the publisher is not responsible for any investment losses incurred based on it. The content should be interpreted solely for informational purposes.