RATE Group | Tom Lee: Bitcoin’s Price Moves in Tandem With S&P 500
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Tom Lee: Bitcoin’s Price Moves in Tandem With S&P 500

05 Oct Tom Lee: Bitcoin’s Price Moves in Tandem With S&P 500

Posted at 17:19h in Bitcoin News by

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Fundstrat Global Advisors co-founder Tom Lee has stated that Bitcoin (BTC) is positively correlated with the S&P 500 market index and is not a hedge against macro turmoil.

Lee voiced his opinion during an interview with industry news outlet The Block published on Oct. 1.

Bitcoin moves according to macro factors

During the interview, Lee admitted that his opinion is unpopular given that many believe Bitcoin to be a hedge against macroeconomic turmoil. That being said, while he agrees that some crises can have a positive influence on Bitcoin’s price — citing the crisis that took place in Cyprus — overall, he is confident that BTC operates in accordance with macro factors, not against them. Lee stated:

“If I had to say Bitcoin’s a macro hedge then I would say that the evidence should mechanically show bitcoin price does best when the S&P has a bad year. Let me give you the evidence in the years when the S&P has been down since bitcoin’s inception — bitcoin has averaged a…

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