Hedge Fund Legend Contradicts Crypto Safe Haven Narrative

Hedge fund veteran Cliff Asness has expressed his views on the behavior of cryptocurrencies, particularly Bitcoin. In a recent statement, he claimed that crypto is currently trading much like a standard tech stock.

Asness pointed out that the current chart correlations between the S&P 500 futures and Bitcoin show that when the broader stock market takes a hit, crypto is going down right alongside it. This contradicts the popular narrative that crypto serves as a reliable store of value or diversifying asset.

A long-time critic of Bitcoin, Asness views it as an 'imaginary asset' and has regularly mocked the idea that a purely digital currency could ever be worth the aggregate value of all other assets on Earth. He firmly rejects the narrative pushed by maximalists that Bitcoin is the primary driver of the broader stock market.