For a long time, much of the crypto community has promoted the theory that Bitcoin is an asset store of value. Well, the cryptocurrency would not have such a level of correlation with the traditional financial market, as to be affected by its cyclical collapses. For this reason, analyst Scott Melker highlights in the Tweet of the day that Bitcoin rises as stocks fall for the second day in a row:
Bitcoin is unaffected by stocks
For many, Bitcoin is the asset store of value of the future. And it is that, an important sector of the crypto community, defends that the price of the cryptoactive does not have a direct relationship with traditional financial markets. Which means that, when the value of the markets are affected by political, social or economic uncertainty, the price of BTC remains or even increases.
Thus, although many consider that the quality of Bitcoin as an asset store of value would be more an aspiration than a reality. The cryptocurrency continues to be compared to gold on many occasions. The asset store of value par excellence, and the main alternative to buying traditional assets such as stocks and bonds in the markets.
This is a vision that seems to be being confirmed in the last days. Well, while Bitcoin has restarted its upward path, standing at the time of writing this article at $ 12,191 per BTC. Stocks and the dollar have been affected by the economic uncertainty generated by the rebound in COVID-19 cases. And the possible consequences of the American elections.
«Day 2. Stocks are down, the dollar is down, Bitcoin is still going up. We haven’t seen this in a long time«.
In this way, and with this message sent through his Twitter account, Scott Melker would show how the performance of Bitcoin seems to go against the general state of the financial market. Which could drive a new defense of the thesis of Bitcoin as an asset store of value, for times of uncertainty like the one we are currently going through.