"Every bubble peak has its dumb investments, in our age, it is SPACs, Meme stocks, NFTs and most Alt Coins, oh yeh and Chinese junk bonds." - N.W.
Ken, we all know you day trade but to dismiss the best performing asset class since 2009 because its "intangible" reeks of cognitive dissonance. Consider this: Would you need to daytrade or run a trading chatroom if you had even 10 BTC from $100?
Hey Master Poo, why don't you post your PNL then? Sure you made a killing on the short call right? And while you are at it why don't you post your PNL from the shitty TSLA and Nasdaq shorts as well? Since you don't lose too right? LOL.
Cryptos are not hedge, they follow the market, as a good high beta stock would. Market took a dump, so did BTC.
Bitcoin goes down due to risk off and a drain of liquidity. Once everything stabilizes from this Evergrande mess, bitcoin and cryptos will shoot back up ET people who have no exposure to cryptos should buy in. NFA Remember last year March, 2020? Bitcoin price might double within a month
Present company (and johnarb) this thread Cryptos will get decimated with equity mkts, but at 4X the vol.
Bitcoin goes up and down like the market. Like 90% correlation. Absolutely not a hedge nor a diversification.