Bitcoin: A Global Port in a Market Storm?

Noelle Acheson is a veteran of company analysis and CoinDesk’s director of research. The opinions expressed in this article are the author’s own.

The following article originally appeared in Institutional Crypto by CoinDesk, a weekly newsletter focused on institutional investment in crypto assets. Sign up for free here.

After the market storms of the past couple of weeks, we could all use some (relatively) good news. And it’s this: Storms bring destruction but also clarity.

As I write, bitcoin (BTC) is bouncing, but who knows what wild swings it will have gone through by the time this is published? So, bitcoin’s price is not where to look for clarity now. It’s more existential than that.

Out of the chaos of the last couple of weeks, in which everything moved together, a clearer distinction has emerged between asset classes. 

Greater clarity itself may be good news, but what we’re seeing is not. 

Let’s walk through the new fundamentals.

First,…