Watch Bitcoin Won't Save You When Market is Down: Psarofagis
As an Aussie, we recently wrote a research report saying Bitcoin is not likely to save you when the market does go down. Talk a little bit about gold and its role here, especially in light of the confusing headlines that we've been getting from the White House. Yeah, sure. And I know it's Bitcoin comes up like is an inflation hedge and market hedge is I don't know but we wanted to test that against the market. Right? So what happens when the market goes down? How does Bitcoin behave? How does gold behave? So we found out just when the ETF launched on the down days, gold tends to do better. Maybe, you know, the S & P is up today, but maybe today's not the perfect example. But over time, gold did end up holding up better on market down days. Bitcoin didn't. But the flip of that is when the market was up, Bitcoin gave you a lot more pop than what gold gold would do. Yeah, I think bitcoin and I you know I get it gets put in is like a hedge for everything but it's really a hedge for the global money printer. Right. If you look at the liquidity chart, it really tracks well with that. But it is not. And gold isn't that great of a hedge either, though. I mean, they're both very shaky. Bitcoin is worse, though. It is better. But I think this is the problem with Bitcoin. What is it? Is it a currency? Is it an inflation hedge? Is it beta? Is it a store of value? We've got we've got to pick a name. Well, what did you say? Equities. I said it's a hedge against the global money belief system, too, Right. It's also a little bit of a religion. And, you know, some people call it a psychological asset. It's people give it value. So it has value and it is limited at 21 million. So, yeah, and the government can't mess with it. I think people like that. Yeah, probably. No, it's a fair point. It just, you know, we wanted to look at when the market goes down and let's say when the chips are down. It doesn't seem like Bitcoin was there. Right. And these really big down market days. I do want to go back to what happened on Friday, because we got this this back and forth on on tear of headlines. I did the open and okay, tariffs on gold imports were coming. And then and I anchored the close together. And actually we were waiting for clarification in that intervening period. I spoke with Michael Saylor of strategy and he made the point that you can't tariffs cyberspace, I think, were his term. So, I mean, you think about crypto and in this new brave brand new world where actually you could tear off gold imports, I guess either one of you can answer this. I mean, crypto has to appeal to its fan base of, you know, this is kind of outside the government. Yeah, no doubt that's part of its appeal. But you know, you could tax it. It's not like it's not totally outside of this this it's just the government can't diluted by making more bitcoin and that's what people like because governments love to dilute currencies. So I'm curious how many people wrote back to you after you publish? You know how I thought I'd get more hate mail? But no, it was it was it wasn't bad, but it was it did well as well read. And I think people just appreciate the different angle, like just seeing how Bitcoin is is becoming more adopted. It's going to start to behave differently, right? So I just think people wanted to see how it actually behaves in the market.
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