Been thinking about this a lot lately - Bitcoin still makes sense as a portfolio hedge even though it's moving more like a tech stock these days. The correlation shift is real, but that doesn't mean you should write it off as a diversification tool.

Here's the thing: when you look back at Bitcoin's trajectory from 2013 onwards, the narrative around its value has constantly evolved. Back in that quarter, people were debating whether it was even worth holding. Fast forward to now, and we've got institutional adoption, macro narratives, and a completely different risk profile. Yet the core thesis remains - it still behaves differently from traditional equities over longer time horizons.

The analyst's point is solid. Yeah, Bitcoin's been trading more like a growth stock lately, especially during risk-on periods. But zoom out and you'll see it still maintains some characteristics that make it valuable for diversification. The key is understanding the time horizon you're working with.

What's interesting is how Bitcoin's value proposition has matured. It's not just about being digital gold anymore. It's become this hybrid asset that can serve multiple roles in a portfolio depending on market conditions. The quarterly volatility patterns have changed, sure, but the fundamental diversification benefit hasn't disappeared - it's just more nuanced.

If you're building a portfolio, Bitcoin probably still deserves a slot. Just don't expect it to be your anti-stock hedge in every market cycle. Treat it as a strategic position rather than a panic insurance policy. That's where the real value lies.