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Ignoring correlations to market downturns and ignoring the data is delusional https://www.google.com/search?site=&tbm=isch&source=hp&biw=1...

Bitcoin came into existence in 2009. Nobody was buying Bitcoin in 2008 because it did not exist in 2008. We don't have data to support the claim that people would rush Bitcoin amidst stock market crashes. We do have data supporting the claim that they rush into traditionally safe assets, i.e. insured bank deposits and Treasuries.

Regarding Cyprus, wealthy Cypriots--by and large--bought German and Greek government bonds, not Bitcoin.

The crash came into existence in 2008 and Bitcoin began to rise in 2009. https://www.washingtonpost.com/news/the-switch/wp/2014/01/03...

> Bitcoin began to rise in 2009

Bitcoin came into existence in January of 2009. What was it supposed to do? Start stealing its owners' money and go negative?

Also, everything rose in 2009. The S&P 500 was up 23%. Bonds were up, commodities were up...that's what happens after you scrape past a global financial meltdown. Sure, Bitcoin was up like five thousand percent, but that's the difference between a tens of millions and hundreds of billion in market capitalisation, things that are very volatile and things that are not, and venture versus mature.

Everything rose but not before everything crashed in 2009: https://www.google.com/finance/historical?cid=626307&startda...

Those who've hedged with crypto's as a trading vehicle are likely to win again during the next inevitable downturn.

AFAICT, the source you cited (dated 2013) quantifies the investors merely as 'many Spaniards', and from the grandparent's source, we know that the Bitcoin market cap around that time was around $1bn, which is not even rounding error on the scale of financial markets. You're not ignoring the data, you're imagining it.

The religiosity on the side of "traditional" assets is exactly why they missed the boat. Whenever traditional models are threatened, the pitch forks come out. The VC industry is having it's Uber-moment. The disrupters are being disrupted.

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