Bitcoin has been firmly acting as a risk-on asset over the past several weeks, with its price closely tracking the movements seen by the U.S. stock markets. This has invalidated its status as a safe haven asset and has made the benchmark crypto prone to seeing massive near-term downside.

Although BTC has been moving in tandem with the Dow Jones, S&P 500, and other benchmark indices, one veteran trader and highly respected analyst is now noting that he believes investors should view Bitcoin, Gold, and other precious metals as “catastrophic insurance policies.” What do you think?

submitted by /u/ProfessionalUnit4
[link] [comments]