Todd Gordon, Inside Edge Capital founder, joins 'Power Lunch' to discuss Gordon's thoughts on the define characteristics of bitcoin.

Todd Gordon, founder of Inside Edge Capital, described bitcoin's current behavior as uncertain, comparing it to an 'awkward teenager' still finding its place in the financial world. While bitcoin has at times been seen as a safe haven asset, Gordon notes it remains closely correlated with growth trades like the NASDAQ, and its recent performance reflects this ongoing ambiguity.

Gordon highlighted several factors influencing bitcoin, including regulatory uncertainty from U.S. lawmakers and the SEC, cooling demand for bitcoin ETFs, and the Federal Reserve's 'higher for longer' interest rate policy. He also referenced broader macroeconomic dynamics, such as those seen during past geopolitical tensions, suggesting that bitcoin is currently in a 'catch up trade' phase but has yet to clearly define its role.

Mideast tension's impact on crypto

So here to help us navigate and make sense of all of it is Todd Gordon, founder of Inside Edge Capital. Todd, you know, Kelly, Brian and I were talking about this idea that Bitcoin, which has been viewed as a kind of counter asset or a safe haven asset at certain times, a risk asset at other times. What exactly is the defining characteristic of what Bitcoin is like or how it's been behaving, at least over the last couple of weeks? Hey, Don. Yeah, it's kind of weird that the joke I was setting up with the producers, it's kind of like an awkward teenager finding it's his or her place in the world. It doesn't know if it's a safe haven or risk on. And if you just look at the charts, Don, it's very much still correlated to the growth trade, to the NASDAQ. You know, but however, it's like it's earning less, it's yield less, but it's still a growth trade. Right. So, you know, I look back the last month or so, the NASDAQ is at all time highs right now. It should be a leading indicator of Bitcoin breaking out. However, if you look at like April and May, Bitcoin first made the move up. NASDAQ didn't as the war was starting to heat up. Now maybe Bitcoin is going to do a little bit of a catch up. I also think regulatory is an overhang here. You know, there's uncertainty from U.S. lawmakers and the SEC. I think there's cooling demand for the Bitcoin ETF that came out so explosively. I think Fed policy, the idea that it's higher for longer is kind of weighing on Bitcoin. And finally, macro, which is a much bigger conversation. If you get to look back to the early Gulf Wars when, you know, when missiles unfortunately started coming out of the U.S. is when oil sold off, equities rallied. There's a little bit of that dynamic combined with what I said in the first three reasons where I think Bitcoin catches up. I hold it. I have a couple three percent positions on a growth portfolio. So I think right now it's a catch up trade, but it still doesn't know its place in the world. All right. One one more question before we let you go here. Bitcoin and cryptocurrencies at large viewed as a kind of counterplay against fiat currencies. How much is Fed policy going forward going to affect Bitcoin and its worth? That's the biggest question. I mean, we have rates that are just sideways. We have higher for longer real rates or two, two and a quarter. I just think we need more of a growth trade breakout to pull Bitcoin up again. I think it's too hard of a question to answer right now. Unfortunately, Dom, it's still defining itself.

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