Michael Saylor, chairman of Bitcoin Bull and Strategy (formerly Micro Strategy), responded to Dave Portnoy of Barstool.
Portnoy said, “If Bitcoin points are independent of the US dollar and are not regulated, why trade exactly like the US stock market these days, go to the market and get Bitcoin up. Market down, Bitcoin down.”
Saylor said, “Bitcoin is the most liquid, 24/7 asset on the planet, so it trades in the short term like a risky asset. In times of panic, traders sell what they can and not what they want.”
He added, “Bitcoin is the most convenient, so it’s the most volatile.”
His response was correct as the global market was called “liberation day” from President Donald Trump’s sweeping new tariffs announced on April 2. Trump has imposed a 10% tariff on all imports – charges such as 26% in India and 34% in China claim to restore US industry.
The market did not share that optimism. On April 3, the S&P 500 Index fell 3.74% to 5,461.44, while the NASDAQ fell 4.94% to 16,731.06, and the Dow Jones Indanital Arage went from 3.19% to 40,880. Even safe haven assets like gold have been immersed. Yes – Bitcoin has also dropped.
The Strategy (NASDAQ:MSTR) holds more Bitcoin than any other public company, down 7.71% at $288.44, indicating how sensitive crypto-linked stocks are to macro shocks.
Just a few days ago, Saylor had announced a massive Bitcoin purchase that had acquired 22,048 BTC between March 24th and March 30th. The strategy currently holds 528,185 BTC worth approximately $35,630 million. The average cost is purchased for $67,458.
At the time of writing, Bitcoin had grown 0.9% at $82,632.57 per Kraken.
So does Bitcoin move like stocks? sometimes. But, as Saylor reminds us, it may say more about human behavior than the assets themselves.