Bitcoin has risen over 80% in year-to-date gains and surpassed several major asset classes, with room for more growth, according to data. Figures from Bank of America show that a net $368m of bitcoin was sent to personal wallets in the week through April 4, while the period witnessed 2023’s second-largest net bitcoin outflow from crypto exchanges. Analysts at the bank said the trend of moving tokens from platforms to personal wallets indicates investors are looking to hold them, potentially decreasing sell pressure. BofA added regulatory concerns may have contributed to the outflow, with regulators putting Coinbase and Binance under scrutiny. Experts said renewed talk of bitcoin as a store of value, following its rally, is backed up by resilient returns after two previous downturns. Commentators have also suggested bitcoin should be favoured over gold. RFK Jr, nephew of former US president John F Kennedy and a Democratic presidential candidate for 2024, said bitcoin is an asset that could provide an “escape route” amid financial-sector turmoil.
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