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Barron's: Bitcoin Is Proving It Isn't Gold 2.0 as It's Moving in Same Direction as Stocks

May 09, 2022
Gold Hedge Inflation

rticle by Brian Swint in Barron's

After a stormy week for markets, stock market futures are pointing down again Monday.

Concerns that aggressive interest-rate increases, geopolitical tensions from Russia’s invasion of Ukraine, and another Covid-induced economic slump in China have already pulled the Nasdaq into a bear market. Inflation data due out Wednesday may further stoke fears that the Federal Reserve will take no prisoners in its quest to keep consumer prices in check.

For its part, Bitcoin, the largest cryptocurrency, is worth about half its peak value at around $34,000. It has lost a quarter of its value this year, compared with a 22% drop in the Nasdaq and a 13% decline in the S&P 500.

It isn’t an easy time to pick winners, but surely it is good news for crypto that it continues to trade more or less like risky stocks. Sure, Bitcoin is proving that it isn’t a haven asset like gold when inflation is quickening. But it also isn’t a meme stock that is wildly disconnected from everything else.

It is important to keep an eye on .......

To read this article in Barron's in its entirety, click here.

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