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OP here - Yes, and they were talking nonsense. You should assume that literally every claim a hodler makes is just marketing. Bitcoin was uncorrelated right up
by davidgerard 4y ago
OP here - Yes, and they were talking nonsense. You should assume that literally every claim a hodler makes is just marketing. Bitcoin was uncorrelated right up until you need it to be.
When NASDAQ sneezes, bitcoin catches COVID. The sort of tech stock buyer who also gets a bit of crypto will tend to be easily squeezed (because they are the sort of person who buys crypto). So when there's a stock market dip, do they sell their stocks? No, they sell the frivolous crap first.
So NASDAQ goes down 3%, bitcoin goes down 10%.
Mostly though, bitcoin is unregulated, illiquid and tiny. So the main force on the market is internal shenanigans - not outside forces at all. There's a paper to this effect (which I can't find right now), showing that BTC and ETH hardly respond to outside events.