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TheStalwart's profile
Joe Weisenthal
Joe Weisenthal
Joe Weisenthal
@TheStalwart

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Joe Weisenthal

@TheStalwart

Co-host of the Odd Lots podcast.

New York City
bloomberg.com/OddLots
Joined March 2008

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    Joe Weisenthal‏ @TheStalwart 8 Mar 2020

    I've never bought into the idea that Bitcoin would prove to be a good, un-correlated asset in a downturn. But you really can't expect it to behave in an uncorrelated fashion once "institutional money" owns it, since at that point it's just another thing to sell to raise cash.

    5:47 PM - 8 Mar 2020
    • 58 Retweets
    • 482 Likes
    • xlr8 Zen Justinehy.eth 📎 Diego joseph lopingco KingKai Avneesh Hota Tufcos Eren Coup
    34 replies 58 retweets 482 likes
      1. New conversation
      2. Joe Weisenthal‏ @TheStalwart 8 Mar 2020

        The last few years, the crypto industry has been pushing coins as being both a good diversifier and well-suited for serious investors. But that can't last. Once the asset is owned by funds that have to write quarterly letter to clients, that diversification benefit is gone.

        5 replies 7 retweets 88 likes
        Show this thread
      3. Joe Weisenthal‏ @TheStalwart 8 Mar 2020

        That's the lesson from the Long Term Capital Management meltdown. Disparate assets that at one point might not have been correlated became so, once they shared a common, distressed owner.

        9 replies 13 retweets 179 likes
        Show this thread
      4. End of conversation
      1. New conversation
      2. Bitcoin is Saving‏ @BitcoinIsSaving 8 Mar 2020
        Replying to @TheStalwart

        Anticorrelated or uncorrelated?

        1 reply 0 retweets 19 likes
      3. Alex Magnus‏ @alexmagnusBTC 8 Mar 2020
        Replying to @BitcoinIsSaving @pierre_rochard @TheStalwart

        Wasn’t Joe saying #bitcoin does its own thing earlier today? But yeah, if it’s being traded as risk-on, we’ll suffer along. Especially because they are benchmarked against the dollar, so the safest thing to do is Treasuries. Inflation is not accounted for in returns, is it?

        1 reply 0 retweets 0 likes
      4. Show replies
      1. New conversation
      2. Gabor Gurbacs‏ @gaborgurbacs 8 Mar 2020
        Replying to @TheStalwart

        Gabor Gurbacs Retweeted Gabor Gurbacs

        I found this view useful and anecdotally true. https://twitter.com/gaborgurbacs/status/1232004854043856897?s=21 …https://twitter.com/gaborgurbacs/status/1232004854043856897 …

        Gabor Gurbacs added,

        Gabor Gurbacs @gaborgurbacs
        “#Bitcoin trades 2/3s like a #tech stock and 1/3 like digital #gold.” @JanvanEck3 told me this a few years ago. This is an insightful observation that I found true, especially during big market sell-off days when Bitcoin moves more with tech stocks then the gold-safe-haven trade. pic.twitter.com/NAxaFv7m7u
        1 reply 0 retweets 20 likes
      3. Gabor Gurbacs‏ @gaborgurbacs 8 Mar 2020
        Replying to @gaborgurbacs @TheStalwart

        Investors/funds usually either put Bitcoin to the digital gold sleeve or more prevalently today to the early stage venture allocation bucket.

        0 replies 0 retweets 6 likes
      4. End of conversation
      1. Leigh Cuen‏Verified account @La__Cuen 8 Mar 2020
        Replying to @TheStalwart

        Both the uncorrelated & safe haven narratives are desires/intentions, rarely reflections of reality (so far, it’s still early).pic.twitter.com/IPNDVLPoLF

        3 replies 0 retweets 22 likes
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      1. sexual picadillo‏ @MrGoodVotes 8 Mar 2020
        Replying to @TheStalwart

        sexual picadillo Retweeted sexual picadillo

        https://twitter.com/mrgoodvotes/status/1013608839352946688?s=21 …

        sexual picadillo added,

        sexual picadillo @MrGoodVotes
        Replying to @stlouisfed
        Leverage correlates all assets
        0 replies 0 retweets 0 likes
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      1. New conversation
      2. . ‏ @allincapital 8 Mar 2020
        Replying to @TheStalwart

        I always found that uncorrelated assets BS.pic.twitter.com/hBIcFZ4YHy

        1 reply 0 retweets 1 like
      3. TwoC‏ @TwoClainz 8 Mar 2020
        Replying to @allincapital @TheStalwart

        So you don’t understand math or what?

        0 replies 0 retweets 0 likes
      4. End of conversation

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