Willy Woo: Bitcoin Price Action Mirrors Nasdaq, May Need Decade to Gain Recognition as Safe Haven

Gate News message, April 24 — Crypto analyst Willy Woo stated that while most Bitcoin holders view BTC as a safe-haven asset, the reality is more nuanced. Bitcoin does possess safe-haven characteristics—for instance, it enables cross-border asset transfers via seed phrases during wartime and theoretically operates independently from traditional finance, potentially benefiting during systemic collapse.

However, in practice, Bitcoin behaves more like a risk asset during periods of uncertainty and conflict, showing high sensitivity to market sentiment. Willy Woo attributed this to the fact that large institutional investors have not yet fully recognized Bitcoin's safe-haven properties, viewing it as too nascent and lacking long-term track record. Consequently, its price movements more closely resemble those of the Nasdaq.

According to Willy Woo, Bitcoin may require approximately 10 years or longer before being widely accepted by markets as a genuine safe-haven asset. Once achieved, its market value could potentially compete with gold.