Investors are starting to doubt the safe haven status of the U.S., which could bode well for bitcoin , according to BCA Research. The firm remains defensively positioned – underweight equities, overweight fixed income and underweight the U.S. specific in an equity portfolio – as foreign investors boycott U.S. assets, fearing policies that target capital instead of trade, it said in a recent note to investors. Meanwhile, it introduced bitcoin its coverage, saying it’s time to upgrade the digital commodity to neutral from underweight. That’s after BCA turned “tactical bearish” in February amid sentiment that it believes had become “too bullish.” “Bitcoin should benefit in a world where investors divest from U.S. assets,” the note said. “Sentiment has declined from sky high levels. The share of realized market cap from recently traded coins has fallen dramatically since the start of the year.” Meanwhile, bitcoin, also known as “digital gold is increasingly behaving like physical gold, faring surprisingly well amid the selloff in US assets.” BTC.CM= mountain 2025-04-03 Bitcoin versus gold and the Nasdaq Since April 3, the day after President Donald Trump introduced the initial tariff policy that rocked markets for several weeks, bitcoin is up about 12%, according to Coin Metrics. In the same period, spot gold has gained 8% while the Nasdaq Composite is flat. “U.S. economic growth has been resilient so far. But the lack of clarity on tariff policy has led to a plunge in capex intentions,” BCA said in the note. “The vicious moves in interest rates have also rekindled the weakness in the residential sector.” “While the Trump administration has walked backed some of its aggressive rhetoric, corporates still need clarity on what policy will be in order to resume spending,” they added. “Failure to do so quickly will result in a more severe economic downturn.” —CNBC's Michael Bloom contributed reporting.
