Bitcoin has become just another stock on Wall Street In the past couple of days, Bitcoin has plunged again to just over $70K. All I can think is: this thing is no longer the Bitcoin it used to be—it’s turned into a big stock in the stock market. Let’s start with the harsh truth: The U.S. now has Bitcoin ETFs, and institutional funds, pension funds, and Wall Street big shots are all rolling their snowballs in it. After the ETFs get approved in 2024, Bitcoin’s price movements will be highly correlated with the Nasdaq. The moment the Fed’s rate cut expectations change, it immediately dives along with U.S. stocks. How is this decentralized currency? This is clearly the “crypto version of U.S. stocks”—it rises when the Fed prints money and falls with rate hikes and declining risk appetite. It’s no different from gold or the Nasdaq. Now, let’s look at the other side: China’s attitude toward its citizens participating in digital currencies is extremely cautious. Crypto trading is basically banned on the mainland, and while Hong Kong has licenses, ordinary people face layer upon layer of restrictions if they want to participate with large amounts. The result? One of the world’s largest Bitcoin demand pools has been artificially cut off, leaving most of the liquidity concentrated in the hands of Wall Street and institutions. Decentralized? What a joke. True decentralization requires free participation from retail investors worldwide. Now it’s turned into “whatever U.S. institutions say goes.” The price has already given us the answer: From the $110K peak, it can’t even hold $70K now. When market sentiment shifts, institutional sell-offs crush everything. In the coming months, if the Fed slows down its rate cuts or if U.S. stocks continue to pull back, Bitcoin is highly likely to break below $60K—and $50K is almost a sure thing. It’s no longer a “hard asset against inflation”; it’s a magnifying glass for risk assets—soaring to the moon when risk appetite is high, and crashing harder than stocks when risk sentiment turns. Bitcoin’s original narrative—decentralization, anti-government, free currency—has been completely diluted by Wall Street’s ETFs and institutional money. Now, it’s more like a large-cap stock driven by the Fed and Wall Street’s emotions, rather than some revolutionary asset. Do you still believe in Bitcoin’s decentralization story? Or do you think it’s already become just a shadow of U.S. stocks? #ManziTalksInvesting #Bitcoin #Cryptocurrency