Bitcoin has exhibited a rapid rise in the last two months, rising from $62,000 in February to $80,621 on May 12. It is stated that the revival of interest in inflation-resistant assets was especially effective in this rise. According to CryptoAppsy data, Bitcoin traded at $80,621 in mid-May.
The role of assets such as Bitcoin and market debates
The recent rise has brought to the agenda again the debates about whether Bitcoin can be a gold-like protection tool in times of economic uncertainty. According to many market players, Bitcoin is seen as both a risky investment tool and, for some investors, it has the potential to store value in the long term. However, the inherent volatility of cryptocurrency markets keeps such discussions alive.
Bitcoin miners are selling
The latest statements of MARA Holdings, one of the leading companies in Bitcoin mining, show the direction of the sector. MARA announced that it earned approximately $1.5 billion in revenue by selling 20,880 Bitcoins in the first quarter of 2026. $1 billion of these sales were used to pay off 30 percent of the company’s convertible debt; The debt amount was reduced from 3.3 billion dollars to 2.3 billion dollars.
MARA also purchased the Long Ridge Energy & Power campus in Ohio for a total of $1.5 billion with the proceeds from these sales. In addition to a natural gas facility with a capacity of 505 megawatts, the aim is to invest in an artificial intelligence data center on the purchased land. Company officials stated that they plan to transfer 90 percent of the capacity allocated to mining to artificial intelligence operations.
Bitcoin is not just a reserve asset on our balance sheet; It is also a source of strategic financial flexibility.
In the first quarter of the year, publicly traded mining companies completed the sale of more than 32,000 BTC in total. This figure surpassed total miner sales in 2025.
Evaluations of analysts and institutions
JPMorgan analysts announced that there were inflows into Bitcoin exchange-traded funds for three consecutive months as of the beginning of May, while gold funds have still not recovered after the Iran tension in March. According to the bank, there has been a recent trend towards Bitcoin rather than gold.
Famous investor Ray Dalio also emphasized in a recent interview that historically, fiat currencies lost value during economic crises and gold maintained its value. Dalio argued that no fiat money can serve as a safe haven in the long term.
In similar periods throughout history, all fiat currencies lost value and gold rose. I don’t think any of them would be a solid store of value.
JPMorgan analysts point out that investors are turning to limited assets with the expectation of ‘risk of loss of value’. In the background, there is the US federal debt burden of 39 trillion dollars.
There are serious differences in the approach to Bitcoin between publicly traded and institutional investors. According to JPMorgan’s evaluations, Strategy company has added 145,834 BTC to its portfolio since the beginning of the year and if it continues at this rate, it can purchase approximately $30 billion worth of Bitcoin in 2026. The company currently holds 818,334 BTC, worth more than $65 billion. The amount of Bitcoin in MARA’s portfolio decreased to 35,303 BTC after the sale, and it appears that the company has not made any new purchases.
This table shows that there is a serious divergence in the approach to Bitcoin among institutions. While some institutions accept Bitcoin as a means of long-term savings, for companies such as MARA, Bitcoin is used as a tool for financial transformation and new businesses.
On the other hand, Goldman Sachs announced that it increased its year-end target price for gold to $5,400 per ounce, pointing out that long-term volatility has decreased and central banks’ demand has increased.
