Bitcoin's Correlation with Tech Stocks and Gold: A Cause for Concern?
TL;DR
Peter Schiff claims Bitcoin's rally is over due to its increased correlation with tech stocks and negative correlation with gold, while Willy Woo argues Bitcoin acts as a risk-sensing instrument that leads other assets into bear markets.
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Peter Schiff declares that Bitcoin's rally is over as it fails to mirror gains in tech stocks or precious metals like gold. Schiff argues that Bitcoin's correlation with tech stocks has increased, but its correlation with gold has turned sharply negative. Bitcoin's gains over the last five years have outpaced those of the Nasdaq composite and spot gold. However, Bitcoin advocate Willy Woo counters Schiff's criticism, stating that BTC has always been a "risk-sensing instrument" and tends to lead other risk assets into bear markets.
