Speaking at the Virtual Blockchain Week 2020 event, cryptocurrency analyst Mati Greenspan explained that Bitcoin (BTC) and legacy assets are now more closely correlated than ever before the rise of COVID-19.
- The founder of Quantum Economics shared a chart that shows what happened in the cryptocurrency space. The chart below shows Bitcoin's correlation with Standard and Poor's index over a range (perfect correlation) to (inverse correlation). For cryptocurrency lovers who expect positive prospects for Bitcoin, Greenspan admits "most of you won't like what I'm going to say."
According to data compiled by Greenspan from Coinmetrics, Standard and Poor's now has a correlation of about 0.6. This is the highest correlation we have ever seen since March 2012, a time when the correlation was barely exceeding 0.4. Greenspan said that such a value shows almost no correlation at all.
Bitcoin in general is still improving in 2020
Greenspan then continued his presentation on "How to invest in a post-viral world" by maximizing Bitcoin's 2020 performance against the US dollar.
Bitcoin was "a best-performing asset" when the economic impact of coronaviruses actually took effect in May.
