Bitcoin is increasingly behaving like a high-volatility, liquid version of gold, according to Bernstein analysts. What Happened: In a note to clients on Tuesday, the analysts wrote that despite falling roughly 26% amid ongoing tariff disruptions and geopolitical volatility, Bitcoin has performed better than expected in historical context—especially compared to past market shocks like COVID or rate hike cycles, which triggered 50–70% drawdowns. The asset’s resilience during recent global market stress signals a shift toward higher-quality capital and growing institutional adoption, making it a "more liquid and ... (full story)