Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
The fact is that Bitcoin has zero correlation with other asset classes.
Not a fact. Even @aantop recognizes the correlation:
There's other more mathematically sound ways of identifying increasing correlation but they are too cumbersome and boring to reproduce at the moment.
I would be ecstatic if all institutions drop off completely (well, maybe except a couple that were super-early) until bitcoin gets to $20-50K based on NEW users.
Then, institutions can re-join the game and panic at 300K all they want (as long as we don't drop below 50K).