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BITCOIN IS PLAYING BOTH SIDES Bitcoin is increasingly behaving as both a risk asset and a hedge against inflation, government debt and geopolitical uncertainty. That strengthens its long-term “hard asset” appeal, according to Zaye Capital Markets. But further gains will require genuine investor demand, not just traders closing bearish positions. Institutional inflows, regulatory progress and Treasury-market conditions could therefore become more important than momentum alone. Bitcoin rose 1.5% to $77,406 after hitting a three-month high.