SINGAPORE — Compared to major market indexes that breached record highs despite the Covid-19 economic fallout, bitcoin appears “less volatile” than before.

That’s according to Meltem Demirors, chief strategy officer at CoinShares, which sells investments in digital currencies.

“Everything else has become more volatile,” Demirors told CNBC’s “Squawk Box Asia” on Monday.

“As we know, volatility is a relative measure,” she said. “In the current environment, bitcoin is actually less volatile than it has been in the past.”

To illustrate the point, the strategist compared the gains between bitcoin and electric carmaker Tesla‘s stock.

Tesla’s shares, which were added to the broader S&P 500 index on Monday, have soared more than 676% so far this year. Meanwhile, bitcoin has risen about 220% year-to-date as