So why does Bitcoin crash with tradfi every time some new Chink news comes out? If everyone treats it like a store of value shouldn't it have pumped along with the other precious metals?
>>61089421you answered your own question. it's because china holds most of it.
>>61089421digital gold
>>61089427but I still can't think of a rational reason to sell it unless the Chinks are intentionally being malicious by shorting it. Getting into a trade war with US would hurt them too, so shouldn't they also be using it as a hedge? And who in China owns most of the bitcoin? Is it retail, the CCP, or what?
It's because BTC is a risk-on asset. So many equities have tied into it, that it moves like an equity itself. People always like to talk about how manipulated the silver market is because of how small it is. Bitcoin's market cap is still smaller than silver's.
