I haven't checked traditional markets in quite some time, but something told me to check in on it. Holy holes, the NASDAQ is down 1.89%. That's huge in traditional markets and usually corresponds with a huge drop in crypto. Fortunately, crypto really isn't taking that huge hit while traditional markets correct. Is this the decoupling we've all been waiting for?
There are plenty of reasons that bitcoin and crypto in general should trade like a super volatile growth stock, but I've never thought that it should follow behind the NASDAQ like a puppy dog. I truly believe that correlation came out of the naivete of the speculators in crypto. Let's face it — a lot of the price action in 2020/2021 crypto came from college kids and greasy jackoffs looking to legally gamble with a stimulus check.
As the average investor in crypto matures, I believe the decoupling of crypto from tradfi will continue. It's a very good sign that we're not seeing a 7-8% sustained dump in bitcoin today. Hopefully we've taken all the money from the Stimmi Jimmy and we get sophisticated investors who support legit projects. If so, the crypto market will begin to show itself as a competitor to tradfi tech rather than a correlated asset group. We can also expect speculators to come further out on the risk curve with more money as the US continues to print trillions in worthless money.
Only this round of stimulus is going to business owners and professional financiers, and it's not some little $1200 check. This will be a multitrillion capital inflow. Nice.
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