Published On: Sun, Apr 8th, 2018

If Bitcoin is ‘Essentially Worthless,’ The Ultra-Rich Didn’t Get the Memo

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According to some Bitcoin bears, we’re a long way from the floor — but that hasn’t stopped the world’s ultra-rich from buying the dip, including George Soros and the Rockefeller family.
‘Essentially Worthless’
Recent news has suggested some big-time institutional investors are taking an interest in Bitcoin and other cryptocurrencies ignoring the Bitcoin bears.
According to Capital Economics, a London-based investment research firm, the world’s largest cryptocurrency by market capitalization is set to get slaughtered in the coming months, regardless of its correlation to the S&P 500 index.
Reads a note from Capital Economics on Thursday:
Bitcoin’s correlation with equity prices has strengthened recently, but we think that this will be just temporary. We still think that bitcoin is essentially worthless, meaning that it is likely to fare much worse than other assets in the coming months.
As noted by Investopedia, the firms’ researchers argue that “bitcoin’s correlation with the equity market has been largely coincidental,” resulting primarily from dramatic crashes following major news-worthy events — such as major banks banning cryptocurrency purchases via credit cards, regulatory fears, and advertising bans …

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