Also tumbling in tandem with stocks were cryptocurrencies thus leading to renewed concerns that digital assets are intertwined with the global financial system. However, these concerns are dismissed by Max Keiser, a bitcoin pioneer and a Wall Street analyst who insists that bitcoin behaves differently.
Keiser's latest comments about bitcoin were prompted by remarks made by one Twitter user who questions the commonly held view that cryptocurrencies are immune from the global financial system. In a tweet, the user expresses concern that each time "when stock markets go down bitcoin gets pummeled." The user insists that "if bitcoin is ever going to be successful it needs to break away from bankings thumb. Until then."
In his response, Keiser argues that "bitcoin, like gold, is inversely correlated to the $USD – *not* the stock market." In a warning to bitcoiners, Keiser says "don't be fooled by randomness."