Anthony Pompigliano says Bitcoin (BTC) “could not be more unrelated” to the stock market, as data shows that Bitcoin is leaving behind significant assets.
On October 26, in a series of tweets, the co-founder of Morgan Creek Digital, also known as “The Pump”, slammed critics for his accusations that Bitcoin was a poor store of value.
Bitcoin haven splendor: ‘the market shows it’
Pompliano downloaded a chart from behavioral analysis platform Santiment, which showed Bitcoin hit zero for a 30-day relationship with the S&P 500.
In the comments, he added: “It cannot be more unrelated than it is now.”
Bitcoin vs S&P 500 Link chart source: Anthony Pomplano / Twitter
It continues to shine a spotlight on Bitcoin Pompliano, which has surpassed total asset returns since the coronavirus collapsed in March this year.
“So how did Bitcoin change during the economic downturn? Stocks, bonds, gold, oil, etc. have outperformed. Correlation is low or no over a long period of time.”
“Bitcoin is the perfect haven and the market shows it.”
At around $ 13,150, BTC / USD provided investors with an 83% annual return compared to 24% for gold and 6% for the S&P 500, according to data from Skew.
For Pompliano, the previous relationship between Bitcoins and these assets was just a short-term phenomenon sparked by the March events.
He wrote, “During liquidity crises, all asset correlations tend to be 1. This was temporary and an event for gold, stocks, etc.”
No more context?
As Cointelegraph reported, it was agreed that Bitcoin would not only leave the association with stocks and others, but would be a certain turning point that would not be reversed.
Among those who have championed the idea is Willie Wu, statistician and founder of computer resource Woobull, who continues to multiply Bitcoin, which turns out to be happening sooner rather than later.
“The disconnect has come,” he wrote on Twitter last week.
“It stands to reason that BTC will continue to correlate in a short-term trading framework; but not for longer periods. BTC is a safe haven, this fact only distorts the risks (which means that it is very new).”