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It's not surprising to see a massive grifter says something false -- but in this case it's not only wrong, but the exact opposite of the truth.https://twitter.com/tyler/status/1361389203406340098 …
is risk-off assetChart below is correlation of BTC with SPX on five minute bars (each dot is one day, the line is a moving avg). Before Mar 2020, BTC was neither risk on nor risk off (uncorrelated with SPX) but for the last year it is very risk-on (positively correlated with SPX)pic.twitter.com/NGNJCnI1mV
Chart below is the same thing for USD, which was weakly correlated with SPX before Mar 2020, but is now heavily risk-off, i.e. the dollar rises when SPX is down and vice versa.pic.twitter.com/xGx0K0Qjhu
What have we learned? 1. grifters gonna grift 2. buying BTC as an end-of-the-world hedge is fucking stupid 3. Math is cool.
It is like some people who live in risk on risk off world have been asked to come and play in their sandpit...
Hard to argue BTC is uncorrelated to risk on as many try to claimhttps://twitter.com/ImRektJamesToo/status/1322141966918799360?s=19 …
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