Is Bitcoin a Safe Haven or Stock Sidekick?

In this episode of Crypto Options Unplugged, host Imran Lakha brought together Dave Brickell (FRNT Financial), Dennis Ehlert (Amina Bank) and Andrew Theodosiou (Talos) to debate a hot topic: Is Bitcoin still a safe haven or just another high-beta risk asset?

Key Takeaways

Bitcoin as a debasement hedge, not just inflation protection

Andrew Theodosiou from Talos echoed the sentiment that Bitcoin operates best as a long-term hedge—not necessarily against headline CPI inflation—but against true monetary debasement.

• "If you take a true look at what inflation actually is... the true inflation experienced by actual people is a lot higher than CPI. And it's that which Bitcoin is highly correlated to." 

Real use cases are emerging outside the West

From Talos’s global vantage point, Andrew emphasized how Bitcoin’s role as a hedge is most pronounced in emerging markets—think Turkey, Argentina, and parts of Africa—where local currencies are in falling and central bank credibility is in question.

• “You lose 15% of your purchasing power every year holding local currency... it puts into perspective what 21 million really means.” 

This real-world utility, Andrew argued, is why adoption is happening from the ground up in these regions.

Institutional adoption is coming—but slowly

Andrew provided a behind-the-scenes look at how institutions are approaching crypto:

• Yes, institutions are stepping in, especially with the advent of ETFs and CME futures.
• But, the majority are still engaging in basis trades—arbitraging between futures and spot—rather than outright directional bets.
• Large players like pension funds are waiting for more regulatory clarity and a larger market cap to minimize slippage on big-ticket trades.
• “Crypto's a $3 trillion market. Some institutions are saying, ‘Call me when it's $5 trillion.’” 

He also highlighted how regulation (like MiCA in Europe) and market structure evolution will unlock further adoption—but timelines remain long.

The Bitcoin education effect

Perhaps one of the most compelling insights Andrew shared was a study showing the only consistent predictor of whether someone holds Bitcoin:

• “The more someone had researched Bitcoin, the more likely they were to hold it. No one who studied it seriously decided not to invest.” 

He likened Bitcoin adoption to a “virus” of financial awakening—spreading through understanding, not speculation.

Looking ahead

The group closed the episode debating whether Bitcoin’s recent dip marked a cycle low. Andrew, ever the “permabull,” sided with the optimistic camp, seeing strong macro tailwinds and easing Fed policy as catalysts for continued upside.

^{Disclaimer: The views and opinions expressed herein are those of the speaker(s) and do not necessarily reflect the views of Talos Global, Inc. or its affiliates (collectively, "Talos"). This material is for informational purposes only and is only intended for sophisticated institutional investors, and is not (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, (ii) intended to provide accounting, legal, or tax advice, or investment recommendations, or (iii) an official statement of Talos.}