Wall Street Vet Explains Why He's Bearish on Bitcoin

Bitcoin surpassed $20,000 in late December and then reached new highs in 2021. Purves said the huge rally was largely driven by institutional investors who started buying the flagship cryptocurrency due to inflation hedge narratives.

However, Bitcoin has failed miserably as a portfolio diversifier. As noted by Purves, it is highly correlated with the S&P 500 and Nasdaq 100. What we've learned over the past year is that Bitcoin is not unrelated. It was not unrelated