Right now the hedge funds, banks, and retirement plans are buying into Bitcoin in big ways.
The idea that Bitcoin somehow got pegged to stocks or the USD is a misnomer. As Biden’s USG sponsored inflation to make paying back debt less painful will see a flight from fiat currencies by many people who can. The USG has to devalue the USD in order to print more and pay back the debt with 50% of the valuation of the original instrument. Government sporsored spending and inflation should be a treasonable offense punishable by public flogging, then waterboarding and hanging.
Bitcoin is going to decouple from the preception of linkage to dollars and stocks. Bitcoin is a hedge and exchange instrument which can only go higher as dollars become less valuable. Before Biden’s sponsored inflation, Bitcoin was on track for $140K this year. I think we will see Bitcoin go up and up. Those who are currently leveraged in crypto coins and then used them as collateral to buy more paying interest are getting squeezed.
Bet the family farm on the fact that when the dust settles everyday Americans are going to see that the big players have acquired on the dips and they will reap the rewards.
I try to tell people this. The history of fiat currencies is that they all go to zero eventually. Governments just cannot resist the temptation to spend money they do not have. So they adulterate the currency. They get away with it for a while but eventually it catches up in the form of massive inflation. You can even see them doing it in late Roman coins! This saga is that old.
The solution is to take the printing press away from the people who decide the budget. ie Cryptocurrency. Trustless, and there is a fixed amount that can ever be for Bitcoin. Others like Ethereum are deflationary.
This dip did not scare me or anyone I know who is in crypto. We all looked at it as a golden buying opportunity and pounced.