Why Bitcoin Is Rallying

Summary Bitcoin’s 30-day volatility plunged below that of the S&P 500 Index’s in early January, as both buyers and sellers looked elsewhere amidst declining liquidity. The lack of a Bitcoin spot ETF serves as a powerful symbol from U.S. regulators that the asset is not fit for traditional fiduciaries. As a call option on an alternative financial future in which U.S. dollar hegemony is decidedly less pronounced, Bitcoin retains attractive properties due to its max decentralization and (currently) fixed supply.