I wouldn't call it a decoupling, because IMHO it's just that every new ATH of the monetary mass sets a new floor for BTC's market cap. So it's BTC's price is still strongly correlated to the money printing in order to go up, just not so strongly when it's going down maybe.
I personally think this will continue until we reach the "natural" range in market cap at which BTC will finally become gold-like in terms of being seen as a risk-off investment.
Is that when we hit gold's market cap (at current prices, $800k-ish)? Before we do that, say at half gold's market cap ($400k-ish)?
Or given BTC's intrinsic nature, will we need to double gold's market cap and exceed $1.5M before we stop having "risk-on"-like behavior, and we are equally correlated on the way down as we are on the way up, but with a lot less volatility in both cases?
hh /
npub1s2…8dsym
2024-09-02 09:42:18
in reply to nevent1q…gz4y
Author Public Key
npub1s277u5rww60te98w9umz6p7pjcxuus96cegdsf4y978qcqvu8jtq88dsymPublished at
2024-09-02 09:42:18Event JSON
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