Bitcoin (BTC) Is Inversely Correlated to USD, No Correlation with Stocks: Max Keiser

News
Tue, 09/22/2020 - 15:51
Yuri Molchan
Bitcoin maximalist Max Keiser has commented on a tweet about an alleged correlation between BTC and the stock market, saying that no such correlation exists in reality
Bitcoin (BTC) Is Inversely Correlated to USD, No Correlation with Stocks: Max Keiser
Cover image via stock.adobe.com
Contents

Bitcoin is not correlated to the stock market, stated prominent Bitcoin advocate Max Keiser, responding to a Twitter user who stated that the flagship cryptocurrency is likely to collapse if the stock market plummets.

Keiser believes that, if Bitcoin does have any correlation with traditional assets, it is with USD and the correlation is an inverse one.

"Bitcoin is inversely correlated to the USD"

Max Keiser responded to a tweet by an anonymous user who alleged that Bitcoin would go down next time the stock market plummets. The person stated that Bitcoin needs to get out from under "banking's thumb."

Commenting on that, Keiser pointed out that the only thing Bitcoin is correlated with is the USD in an inverse manner, as is gold.

The Bitcoin advocate called on the community and the tweet author not to be fooled by randomness.

BTC
Image via Twitter

Bitcoin's scarcity versus the Fed's potential for infinite USD printing

The key unique feature of Bitcoin compared to USD and gold is its fixed scarcitythe total 21 mln BTC supply, as many crypto influencers have been emphasizing on Twitter recently.

Due to the frequent USD printing initiated by the Fed this year, many Bitcoin followers have expected the flagship crypto to skyrocket. New dollars were injected into the economy without any value, creating future hyperinflation.

However, the massive inflow of newly printed USD does not seem to have had any impact on Bitcoin as of yet.

Related Billionaire Mark Cuban, Uber CEO and "Iron Man" Invest $3 Mln in New Toilet Paper Brand, Here's Why
Related
Billionaire Mark Cuban, Uber CEO and "Iron Man" Invest $3 Mln in New Toilet Paper Brand, Here's Why

Bitcoin retreats to the $10,400 zone

Last week, on Sept. 19, Bitcoin made it over the $11,000 resistance level. However, it quickly reversed, dropping first to $10,627 and then down to $10,411.

The major cryptocurrency has been moving in a range now, trading at $10,470 at press time.

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.