Dave Portnoy Says What Many Are Thinking, 'If Bitcoin's Supposed To Be Independent of Dollar, Why Does It Trade Just Like The Stock Market?'

Another replied, “Boom. When you realize big money has already hijacked bitcoin and it's no different than the stock market anymore.”
Others got sarcastic: “Day 1 of the bear market: Portnoy discovers what correlation means.” And: “It used to be a currency before it was hijacked and turned into a collectible.” Prominent analyst Benjamin Cowen also piled on, saying, “How can you be your age and write something like that?”
Some users defended Bitcoin’s original intent. “Traders are the froth. Hodlers are the floor,” one said. Another added, “Bitcoin is the best-performing asset over the last 15 years.”
See Also: If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it?
Tariffs, Inflation, and Market Fear
This latest Bitcoin drop didn’t come out of nowhere. Wall Street was already reeling from inflation data and weak consumer sentiment. On Friday, a few days before “Liberation Day,” The Dow Jones Industrial Average fell over 700 points, the S&P 500 slid 2%, and the Nasdaq (NASDAQ:NDAQ) lost nearly 3%.
Then came Trump's tariff announcement, renewing trade war fears. The Atlanta Fed’s GDPNow forecast now shows a 2.8% GDP decline for Q1, up from -3.7% on April 1.
While Bitcoin has shown some resilience compared to stocks, it's still moving in the same direction when fear hits.
Could Bitcoin Break Away?
Some still believe in one of Bitcoin's original promises: a decentralized hedge against economic chaos. But for now, most agree that Bitcoin is still a risk-on asset, and it trades like one.
As Portnoy pointed out, it looks more and more like just another part of the system it was meant to replace—”Market up, bitcoin up. Market down, bitcoin down.” Or, as Ross Gerber, CEO of Gerber Kawasaki, said, “BTC price movements are related to sentiment. Risk on, up. Risk off, down.”
BlackRock is calling 2025 the year of alternative assets. One firm from NYC has quietly built a group of 60,000+ investors who have all joined in on an alt asset class previously exclusive to billionaires like Bezos and Gates. Can you guess how many retire with a $5,000,000 nest egg? The percentage may shock you.
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This article Dave Portnoy Says What Many Are Thinking, 'If Bitcoin's Supposed To Be Independent of Dollar, Why Does It Trade Just Like The Stock Market?' originally appeared on .com