BERNSTEIN: BITCOIN SHOWS STRONG RESILIENCE Bitcoin’s 26% drop during recent chaos is mild compared to past 50–70% crashes, showing stronger demand. China tariffs hurt miners, but U.S. alternatives and AI opportunities offer support. Bitcoin still moves like tech stocks, not gold, but acts as a liquid risk asset when markets close. Long-term, it’s a more volatile, liquid version of gold (~2T vs. gold’s 20T market). Institutional adoption via ETFs and corporate treasuries (10% of supply) has made Bitcoin more stable. Despite being down 15% YTD, ETF inflows stay positive. Selling pressure mainly comes from short-term traders, while miners stay strong with AI deals and low debt.