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- A US veteran entrepreneur Alex Mashinsky, reveals his views regarding Bitcoin by saying that the king coin is not sufficiently correlated as an asset for the investors during the current financial crunch.
- The CEO of cryptocurrency lending platform Celsius Network stated on a show that cryptocurrency didn’t see a significant rise during the beginning of the pandemic
- Taking an example of Netflix, the best performing stock from 2010 until 2019, Alex pointed out that Bitcoin was still 2000 times better than the world champion of the stock market.
A US veteran entrepreneur Alex Mashinsky, reveals his views regarding Bitcoin by saying that the king coin is not sufficiently correlated as an asset for the investors during the current financial crunch.
A high correlation between BTC and the stock market
The CEO of the cryptocurrency lending platform Celsius Network stated on a show that cryptocurrency didn’t see a significant rise during the beginning of the pandemic. As per him, if we go through any snippet over the last year, a high correlation was seen between BTC and the stock market.
However, the correlation of the assets with the COVID-19 pandemic lack in seeing bitcoin gaining huge attention from institutions. Following the historical drop of April 12, the prime coin was mostly correlated with gold rather than the stocks.
Mashinsky added five years ago, BTC looked volatile with respect to stocks but as per the current scenario, it looks more stable than the stock market as it only moves 2 percent a day while the stock market moves 5-10 percent a day.
BTC is one of the best stores of value
Taking an example of Netflix, the best performing stock from 2010 until 2019, Alex pointed out that Bitcoin was still 2000 times better than the world champion of the stock market. Mashinsky also, discussed the recent oil crash. He found that this historical drop of ‘Black Gold’ is significant for money, but for cryptocurrency and BTC, this is zero effective.
Mashinsky addressed that betting on bitcoin is like a bet that the deflationary pressure will win. At the time of crisis when everyone gets nervous, they will move towards cash and this will include selling of bitcoin. Still BTC is one of the best stores of value that exist out there, he summed up.
