[mdgrech23]

this isn't why people buy Bitcoin. they buy it b/c they don't have confidence in the power of the US dollar or want to hedge their bets. It's the equivalent of gold, that is people turn to it when they think shit may hit the fan but it doesn't have the downsides of physically holding gold.

[jsheard]

> don't have confidence in the power of the US dollar

Whenever the US stock market slumps, doesn't Bitcoins price usually slump too in almost perfect lockstep?

[jcfrei]

Yes, bitcoin effectively trades like the 3x leveraged nasdaq indices (TQQQ).

[hparadiz]

Eh the USA hasn't defaulted on its debt. Yet. Once it does BTC will stop shadowing the USD.

[jcfrei]

The companies in the Nasdaq don't care much about the US defaulting: The cash (and cash equivalents in treasuries, etc.) don't make up a large part of their market valuation. If US defaults USD will tank and equity prices of public companies will soar (just like every other price including oil, gold, groceries, and probably also btc).

[hparadiz]

If that happens those companies will likely see an asset sell off as owners seek cash to buy basic commodities which will perpetuate a great depression. Sufficiently sized multinationals will relist themselves on different exchanges with other more stable currencies but the general panic will cause a downward spiral for most securities.

[insane_dreamer]

> they buy it b/c they don't have confidence in the power of the US dollar or want to hedge their bets

no; they buy it b/c they're attracted by the fantasy of a 100x return like some people got in the past. there are no solid correlation patterns with the USD or other currencies/ stocks, unlike, say, gold

[kmeisthax]

No, people buy Bitcoin because line go up.

[t0bia_s]

BTC ignores inflation. Thats enough for saving for retirement.

[hanniabu]

Except that Bitcoin isn't long term sustainable due to its security budget crisis that will rear its head in ~8-10 years.