Quote from: Abiky on Today at 12:43:19 AM

Quote from: o48o on December 03, 2022, 07:59:56 PM

Yep, just like he didn't realize that BTC very much follows the stock markets. I think he is confused it with gold as that's the one that has negative correlation against stock market. But then again he talks what ever his fanbois want to hear so that he can enjoy the spotlight so he could be just out right lying.

Bitcoin is following the stock market because it's still not mature enough in the mainstream world. The new asset class (crypto) is only 13 years old, compared to stocks and even Gold. It's going to take quite some time before Bitcoin's market prices move independently from stocks, and even become immune from central banks' monetary policy changes. Once that happens, Bitcoin will be able to become a true store of value.

As for Elon Musk, no one really cares what he says (except newbies). He often "shills" cryptocurrencies to "pump" prices for his own benefit. But he isn't an expert or veteran in the crypto/Blockchain space. People should do their own research to determine whenever an specific cryptocurrency is worth the investment or all the other way around. While I'm pretty sure BTC's price will rise over time, that doesn't mean there won't be setbacks along the way. Prices will go down sometimes due to unfortunate events in the mainstream world. It'll be up to you to buy BTC at cheap prices to sell it at a higher price once the market turns bullish again. Who knows when the crypto winter will come to an end? Just my thoughts Grin

It is true that experienced investors don't bother what Elon Musk say but it is important for them what FED chairman Powel will say on 14th December about interest rate increase which will determine the direction of market for coming weeks.

I think the correlation of Bitcoin with stock market is likely to continue during the bear run but as soon as Bitcoin enters in bullish phase, it will outsmart stock market.