Capital is fleeing the United States, and Bitcoin is quietly taking over from gold!

BCA Research said that investors are beginning to doubt the United States' status as a "safe haven asset", which may be good for Bitcoin.

In its latest report to investors, the research institute pointed out that its overall portfolio currently maintains a defensive configuration - reducing holdings of stocks, increasing holdings of fixed-income assets, and reducing the weight of the US market in stock investment. The reason is that overseas investors are collectively "avoiding" US assets, worried that US policies have shifted from "trade war" to "capital war".

At the same time, BCA also included Bitcoin in its research coverage for the first time, and raised Bitcoin's rating from "reduced holdings" to "neutral". In February of this year, BCA was "short-term bearish" on Bitcoin due to overly optimistic market sentiment.

"Against the backdrop of global capital withdrawal from U.S. assets, Bitcoin is expected to be a beneficiary," the report said. "Market sentiment has fallen sharply from its highs. The proportion of actively traded Bitcoin in the overall realized market value has fallen sharply this year."

The report also pointed out that Bitcoin, as "digital gold," is increasingly behaving like physical gold and has remained strong during the massive sell-off of U.S. assets.

According to Coin Metrics data, Bitcoin has risen by about 12% since April 3, the day after President Trump announced the initial tariff policy. During the same period, spot gold rose by 8%, while the Nasdaq Composite Index was almost flat.

BCA further pointed out in the report: "Although U.S. economic growth is still strong, the ambiguity of tariff policy has led to a sharp decline in corporate capital expenditure willingness." In addition, "violent interest rate fluctuations have once again hit the residential real estate market."

"Although the Trump administration has retreated from some tough rhetoric, companies still urgently need clear policy signals to resume investment," the report said. "Failure to provide clear policies in a timely manner may trigger a more severe economic recession."