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In a financial world where chaos often reigns and markets swing like a pendulum, one question has resurfaced with surprising force: If Bitcoin is meant to be independent of the U.S. dollar and traditional financial systems, why does it seem to mirror the stock market?
This question, recently posed by Barstool Sports founder Dave Portnoy on social media, isn’t just idle curiosity it’s a genuine reflection of what many investors have been wondering, especially during recent economic shifts.
“If the point of Bitcoin is to be independent of the US Dollar and non-regulated, why does it basically trade exactly like the U.S. stock market nowadays? Market up, Bitcoin up. Market down, Bitcoin down.” – Dave Portnoy, April 2025
Portnoy’s tweet went viral for a reason: it captures a contradiction that many in the crypto space would rather ignore.
The December Surprise: Bitcoin’s All-Time High
Just a few months ago, in December, Bitcoin shocked the financial world by soaring past the $100,000 mark. While long-time believers had forecasted this moment for years, the speed and scale of the rise took even seasoned analysts by surprise.
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Interestingly, a major catalyst behind this surge was the U.S. presidential election. The market responded positively to Donald Trump’s victory, with the expectation that his administration would foster a pro-crypto environment. Bitcoin rose by a remarkable 45% in just a few weeks.
But the honeymoon didn’t last long.
When Good News Turns Bad for Crypto
Soon after the initial enthusiasm, Trump’s administration announced new tariffs and trade restrictions. The result? Bitcoin tumbled below $83,000, closely echoing the sharp declines in the U.S. stock market.
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So, why does Bitcoin often hailed as digital gold or an uncorrelated asset behave like any other high-risk stock during times of uncertainty?
The Psychology of Selling in Times of Panic
To understand this, we need to look beyond charts and algorithms and dig into human behavior.
Michael Saylor, CEO of MicroStrategy and a vocal Bitcoin advocate, summed it up perfectly:
“In times of panic, people sell what they can, not what they want.”
And Bitcoin, being one of the most liquid and easily tradable assets in the world available 24/7 without needing a middleman becomes a prime candidate for quick liquidation.
It’s not about ideology. It’s about survival.
The Risk-On, Risk-Off Mentality
According to Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, Bitcoin's price movements are heavily tied to investor sentiment.
“When risk appetite is high, Bitcoin goes up. When risk appetite disappears, it drops.”
This is the so-called “risk-on, risk-off” behavior. In bullish markets, investors pile into volatile, high-growth assets like tech stocks and crypto. But when markets turn bearish, they flee to safe havens think cash, gold, or treasury bonds.
Bitcoin, despite all its revolutionary potential, is still treated by many investors as a speculative asset, especially in the short term.
Institutional Influence and the Rise of Correlation
Another key factor is the increased presence of institutional money in the crypto space. Hedge funds, investment banks, and ETFs have made Bitcoin a part of their portfolios. But they often rebalance their positions based on overall market performance, creating a stronger link between Bitcoin and traditional equities.
So when Wall Street sneezes, crypto catches a cold.
Is Bitcoin Truly Independent?
Yes and no.
In theory, Bitcoin is monetary independence in code. It's not controlled by central banks, isn’t printed on demand, and doesn’t depend on interest rates.
But in practice, its price is heavily influenced by human psychology, global news, regulatory changes, and liquidity preferences.
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That doesn’t make Bitcoin a failure of its mission it just shows we’re still transitioning from an old world to a new one. Mass adoption is messy.
Final Thoughts: The Road Ahead
So, is Bitcoin’s behavior a contradiction or a reflection of its maturity?
Possibly both.
Bitcoin is no longer a fringe curiosity. It’s a global asset. That means it’s now entangled in the same emotions, fears, and hopes that move the rest of the financial world.
The dream of Bitcoin as a completely independent economic system may still be alive but as long as humans trade it, emotions and market sentiment will always play a role.
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