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Bitcoin failing as geopolitical hedge vs 'risk-off sells everything' narrative

March 28, 2026Michael A. Gayed, CFA, Dividend Dude

Michael A. Gayed and Dividend Dude argue Bitcoin is trading like a high-beta risk asset during geopolitical stress, challenging the 'digital gold' hedge narrative that many investors expected.

Crypto was supposed to be the hedge. The uncorrelated asset. The escape hatch.
Risk-off doesn't care about narratives. It sells everything.
$BTC at ~67k. Still trading like a high beta risk asset, not digital gold. When liquidity tightens, narratives don’t matter.
People who bought Bitcoin $BTC as a hedge against geopolitical instability watching it go down in the face of geopolitical instability…
Michael A. Gayed, CFA
Dividend Dude
hedgerisk sentimentmacrobitcoinbtc

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