Bitcoin, though largely uncorrelated with the S&P 500 pre-pandemic, has demonstrated potential to act as a countercyclical asset. The rise of spot bitcoin ETFs, popular financial products, could increase its correlation with stocks.
The concept of 'hyperbitcoinization' relied on bitcoin becoming less volatile as adoption increased, serving as a stable means of exchange. However, the reality challenges this vision, blurring its intended purpose as a hedge.
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