Gold is rising while equity markets around the world and cryptocurrencies are crashing. This kind of punches a hole in the theory that Bitcoin will be considered as some kind of digital gold. There definitely is a correlation and investors are selling risky assets because the yield on treasury bonds is increasing, making them more attractive.
It is disappointing - I had thought that a drop in the stock market would see money move into Bitcoin, but that's not happening at all - everyone is going back to that old time asset: gold.
Bitcoin is still seen as a risky asset to hold and we cannot blame people for thinking that since that is the truth, but give it time, if bitcoin really becomes adopted worldwide by a huge amount of people there is a chance people will begin to look at bitcoin in a similar way people look at gold, this is just an indication that its too soon for the persons to think of bitcoin in this way.
Some people are also scared to get into crypto because of what theyve been hearing over the news. The scams and hacking going on. People will only see the bad things and will ignore the good things. Hopefully in the long run, people will see the advantages of using bitcoin.