the traditional world of stocks and bonds, bitcoin is suddenly looking like a safe haven.
“If you were going to describe an environment where there were successive bank runs because central banks are trying to fight inflation with fast rate increases, that is pretty close to as spot-on a thesis for owning bitcoin as you’ve ever heard,” said Stéphane Ouellette, CEO at digital asset investment platform FRNT Financial.
Bitcoin’s 30-day correlation with the S&P 500 has slid to negative 0.12 over the past week, where a measure of 1 indicates the two assets are moving in lock step.A selloff in banks has wiped out hundreds of billions of dollars in market value and forced US regulators to launch emergency measures. The past couple of weeks has seen Silicon Valley Bank and crypto lender Silvergate go under, while Credit Suisse has teetered on the brink.
“We’re seeing a return to bitcoin’s core ethos, that of a financial asset independent from the opacity and meddling of the centralised financial system,” said Henry Elder, head of decentralised finance at digital asset investment manager Wave Digital Assets.
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