Discussing the current situation, Mark Mobius told CNBC’s daily news podcast on June 14 that there was a strong correlation between the activities of Bitcoin and the S&P 500. As he explained: Asked by the host to explain this psychological impact and whether it’s truly the cryptocurrencies that are driving the action, Mobius said:
Crypto versus stocks
In early May, the correlation of Bitcoin with the S&P 500 reached a new all-time high, and continued to climb, resulting in actions of one being followed by similar actions by the other. In other words, when the S&P index rises, Bitcoin also rises, and vice versa. It is worth mentioning that Finbold wrote in November 2021 about Mobius expressing his skepticism on cryptocurrencies, stating that they were a religion and not an investment option. Instead, he said, they were “a means to speculate and have fun,” adding that: However, the past week has also been crushing the stock market players, as stubborn inflation and worries around an increasingly aggressive Federal Reserve activities continue to exert pressure on the stock market and risk assets in particular. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
