Bitcoin decoupling from stocks as 'ultimate safe haven'

Bitcoin "Could not be more uncorrelated" with the stock market, Anthony Pompliano says as data shows that BTC is leaving macro assets behind.

In a series of tweets on Oct. 26, the Morgan Creek Digital co-founder, also known as "Pomp," took critics to task over their accusations that Bitcoin was a poor store of value.

Pomp on safe haven Bitcoin: "The market is proving it".

Pompliano uploaded a chart from behavior analysis platform Santiment, which showed Bitcoin hitting 0 for 30-day correlation with the S&P 500.

Bitcoin vs. S&P 500 rolling correlation chart.

Continuing, Pompliano highlighted Bitcoin beating macro asset returns since the Coronavirus crash in March this year.

"So how did Bitcoin do during an economic downturn? It outperformed stocks, bonds, gold, oil, and pretty much everything else. It also has a low to no correlation over any material amount of time," he summarized.

"Bitcoin is the ultimate safe haven & the market is proving it."

For Pompliano, previous correlation between Bitcoin and these assets was merely a short-term phenomenon induced by the March events.

As Cointelegraph reported, a consensus has been building that Bitcoin is not only abandoning its correlation with stocks and others but that this will be a definitive watershed which will not be reversed.