Economist Henrik Zeberg has warned that Bitcoin (BTC) is far from being a unique safe haven, instead describing it as a highly risk-prone asset that mirrors the performance of the Nasdaq.
According to Zeberg, both markets are closely interconnected due to their ties to the technology sector, he said in an X post on August 9.
Nasdaq and Bitcoin chart. Source: TradingView
His analysis, supported by historical price movements, shows Bitcoin and the Nasdaq rising and falling in near-perfect sync in recent years.
“BTC is not a “special asset”. It is a Risk Asset. In fact, a highly Risk-prone asset. <…> TechBubble2 is developing. BTC is part of that. <…> A crash in Nasdaq as the bubble bursts, will crater BTC,” he said.
This correlation, he noted, is no coincidence, as investor sentiment toward high-growth technology stocks also applies to Bitcoin. The cryptocurrency thrives in risk-on environments but struggles during risk-off periods.
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