Bitcoin’s Correlation to Equities

Is this pullback in the crypto market now correlated with overall negative economic outlook? We used to view bitcoin as an alternative to conventional securities. But now bitcoin has become accepted by institutional investor and individuals who view bitcoin as a higher risk investment, rather then a movement to a decentralized monetary system. We cheer as bitcoin becomes accepted around the world, eager to see the value increase. With each celebrity tweet or public announcement the connection between bitcoin and governmental and financial institutions becomes more entangled. Yes our pockets grow deeper, but we now become susceptible to the manipulation and power of the very institutions the cyberpunk movement sought to counter. From our own ambitions to have crypto be accepted as viable, to convince the world we are not fools, have we lost track of the original ideal? It’s seems we created a situation where the crypto market is now directly correlated with the risk appetite of the general economy.

Is this inevitable? Are we following the same pattern as all systems and movements before? Does the tool conceived to change the world truly change the world? Or as all tools of revolution before, whether the printing press or the World Wide Web, is that creation inevitably used to further engrain the power of those that have always held it.

Would love to open up discussion on this topic.