Bitcoin is increasingly being seen as a volatile investment that tracks the stock market rather than remaining an independent asset. This shift has been notable since institutional investors began treating Bitcoin like a risky tech stock, particularly following the approval of spot Bitcoin ETFs in early 2024. Experts like Mike Marshall from Amberdata argue that Bitcoin's price now correlates significantly with broader economic conditions such as interest rates and inflation. Barstool Sports founder Dave Portnoy questioned Bitcoin's supposed independence from the US dollar, pointing out that Bitcoin's price movements mirror those of the stock market. Despite recent declines, including a drop to $82,100 amid trade tensions and economic uncertainty, some analysts maintain positive long-term price targets for Bitcoin, anticipating a rebound once current market volatility stabilizes. Overall, while Bitcoin's behavior appears increasingly stock-like, believers assert its true value lies in the long-term vision of decentralization and distancing from fiat currency.

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