##Bitcoin Just Proved Itself to Be The Perfect Asset In A Financial Crisis

                          

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While the US stock market saw its steepest one-day sell-off since Black Monday in 1987, Bitcoin saw its steepest one-day sell-off in its ten-year history, just a few days before.



But don’t worry, that was institutional money running from everything Thursday. Of course, it ran from the risky cryptocurrency industry. Don’t forget that institutional investors getting into Bitcoin was a massive driver of its price growth over 2019. So Bitcoin just lost a bunch of people who don’t believe in it– yet.




Amid the Crypto Winter of 2018, big finance was building significant institutional infrastructure to offer bitcoin custody services to the normies. That included Bakkt, a creation of Intercontinental Exchange, the company that owns the New York Stock Exchange. It included Fidelity Digital‘s entry into bitcoin custody services in the US and Europe. And it included Bitcoin derivatives on the Chicago Mercantile Exchange.



Bitcoin Rallied With No Central Bank Stimulus

But despite the carnage, Bitcoin didn’t disappear, despite non-stop declarations of it being dead. And here’s the really fantastic thing about how Bitcoin performed this week.



The bitcoin sell-off looked much worse than how equities fared, but that’s just an illusion. You see, Bitcoin consolidated and rallied like equities Friday. But without the benefit of $1.5 trillion pumped into money markets by the Federal Reserve. Without a half percent interest rate cut by the Fed earlier this month. And without the president teasing massive tax relief.


Isn’t it obvious by now? Bitcoin is the only free-market currency of its size in the world. And it has stood up under this crisis of confidence, this absolute maelstrom of FUD, on its own two legs. That’s what a really strong currency looks like. And those with eyes to see it have not missed what just happened.



Bitcoin Proven As Perfect Crisis Security

As one global macro investor put it:


BITCOINERS: Hearing guys whine that btc is krap, not a hedge, not digital gold, it’s going to zero etc..stfu. Btc is the only true free market in the world. Btc is the only asset that can go down 50% in one day and doesn’t need govt intervention to stabilize. It will be fine.