Dragonfly partner Haseeb: Bitcoin has both gold and Nasdaq properties

Haseeb Qureshi, managing partner of Dragonfly, wrote an analysis of the current trend of the crypto market. He said that the stability of bitcoin prices may be due to its combination of gold and Nasdaq properties - "surviving in the gap" between the rise of gold and the decline of technology stocks. Continued buying from MicroStrategy is also providing support. Haseeb said that the market is currently expecting interest rate cuts and the resumption of quantitative easing, and counterfeit products are the first to benefit as the most risky assets. In addition, unlike stocks and bonds, counterfeit products are not directly affected by tariffs. He also believes that retail investors were bottom fishing the stock market last Friday, while institutional funds were flowing out; because counterfeit products were dominated by retail investors, the funds did not fluctuate significantly, and the price remained firm.