In a recently released research, the Federal Reserve Bank of New York stated that Bitcoin shares most features of ‘a store of value’ and performs more kin to a precious metal like gold, crypto media outlet CryptoGlobe reported on February 9.

The study took into account multiple macroeconomic circumstances, including the real economy, inflation, prognostic indicators, and monetary policy news, were included in the study. However, they discovered that, except for the Consumer Price Index (CPI), Bitcoin was resistant to all macroeconomic news considered. On the other hand, traditional assets, including gold, silver, and the S&P 500, responded significantly to macroeconomic news.

The analysis also found that Bitcoin's response to news about monetary policy was somewhat puzzling. The analysis revealed that Bitcoin was unaffected by unexpected changes in the short-term rate and that its response to policy announcements about the future course was inconsistent, even though it is widely believed to be an asset without inherent value that is based on predicted future values.

Meanwhile, amid the digital asset market’s skyrocketing growth, national authorities worldwide have been showing long-term support for further development. Thus, lawmakers from the Mississippi senate have passed a new law establishing a framework for Bitcoin (BTC) miners in the state protecting Bitcoin mining from discrimination while recognizing the activity’s ability to boost the economy and stabilize the grid. 

Source: CRYPTOGLOBE