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Michael Saylor Clears the Air: Why Bitcoin Trades Like a Risk Asset (For Now)
If you’ve been watching the crypto markets lately, you may have noticed something odd—Bitcoin, which many consider a hedge against inflation and market chaos, has been moving almost in sync with U.S. stocks. That’s not exactly what we’ve been told to expect from “digital gold,” right?
This very question recently sparked a viral debate when Barstool Sports founder Dave Portnoy asked why Bitcoin was acting like a traditional risk asset, despite its reputation as an uncorrelated store of value. The post blew up on social media, with millions of views and plenty of mixed opinions.
But now, MicroStrategy’s Michael Saylor is chiming in to offer his take—and it sheds some real light on the situation.
“People Sell What They Can, Not What They Want To”
Saylor, a long-time Bitcoin bull and co-founder of MicroStrategy, explained that Bitcoin’s short-term behavior isn’t necessarily a sign of weakness. Instead, he points out that BTC is one of the most liquid assets in the world, which ironically makes it more vulnerable during times of panic.
“When the market gets nervous,” Saylor said, “traders sell what they can, not what they want to.” In other words, Bitcoin often gets sold off simply because it’s easy to move and fast.
So while BTC may be mimicking riskier assets during periods of unrest, that does not necessarily mean it is one. It is just the first thing that traders take when they require liquidity.
Short-Term Correlation vs. Long-Term Reality
Saylor also highlighted the fact that the connection between the stock market and Bitcoin is a short-run feature. On longer horizons, he believes that Bitcoin is quite different from equities and can decouple as its use expands and the market matures.
This viewpoint is also shared by other Bitcoin supporters, such as Bob Burnett, Barefoot Mining founder. He explains it this way: “Bitcoin tends to follow the market when things shift suddenly, but zoom out, and you’ll see it charting its course.”
JPMorgan and the Bearish Take
Not everyone is buying the “just wait and see” narrative. Analysts at JPMorgan recently claimed that Bitcoin’s digital gold story is starting to fall apart. They argue that BTC is increasingly behaving like a high-beta tech stock—more Tesla than treasure chest.
Critics also cite Bitcoin’s consistent yearlong correlation with equities as evidence that it’s not the haven it was touted to be. And with the macro environment currently—interest rate uncertainty, international tensions, and regulatory crackdowns—it’s easy to see why they have doubts.
So, What’s the Truth?
As with most things in crypto, the answer isn’t black and white. In the short term, yes, Bitcoin is moving like a risk asset. But that might have more to do with its liquidity and accessibility than its intrinsic value proposition.
Zoom out, and the landscape is more complicated. Bitcoin still has something different to provide: a decentralized, limited, borderless digital currency that doesn’t depend on any central authority. Those qualities don’t change just because Wall Street traders are treating it like another equity for now.
The Bottom Line
Bitcoin may be acting like a stock today, but that doesn’t mean it won’t play a different role tomorrow. As Michael Saylor puts it, Bitcoin’s long-term story is still unfolding. For now, the short-term price action may just be a reflection of broader market behavior, not a final verdict on Bitcoin’s true identity.
Whether you’re a believer, a skeptic, or somewhere in between, one thing’s for sure: the Bitcoin conversation isn’t going anywhere.
