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U.Today - Vivek Ramaswamy, an entrepreneur that used to co-lead the U.S. Department of Government Efficiency (D.O.G.E.) with Elon Musk, has published a tweet praising Bitcoin as a hedge against economic uncertainty, while stock markets are bleeding heavily.
"Bitcoin is hedge. That’s becoming increasingly clear"
Ramaswamy quoted an X post published by Tether’s CEO Paolo Ardoino on Friday, in which the latter refers to Bitcoin as “the hedge.” The ex-colleague of Elon Musk agreed with that, saying that Bitcoin’s role as the hedge is becoming “increasingly clear.”The reaction of the community to that X post was mixed — while some agreed with Ramaswamy on the importance of Bitcoin, others stated that it is gold that has always been the hedge, and “the goldback will remain undefeated.”
Bitcoin holds above $80,000 as stock market crashes
As the stock market has been facing a bloodbath with over $5 trillion losses over the past few days, Bitcoin remains steady and resilient as it continues to hold above the $80,000 level. The crash has been triggered by Donald Trump’s new round of trade tariffs coming into effect. This time, they are aimed not only at goods from China, Mexico and Canada, but against 180 countries with tiny exceptions.Bitcoin faced a decline of 6.4% earlier this week, falling from the $87,000 level and landing at $81,540. However, by now it has recovered to $83,680, adding slightly more than 1%.
As BTC has been maintaining its price level, it has tremendously outperformed a leading tech index Nasdaq 100 on the year-to-date basis — while Nasdaq plunged by over 16%, Bitcoin has lost only less than 12%. Thus, Bitcoin is for the time being decoupling from the stock market, as was predicted by the BTC advocate Samson Mow on Friday.
Robert Kiyosaki says silver is better than BTC
This week, prominent investor Robert Kiyosaki, the author of the famous book “Rich Dad Poor Dad,” published several tweets about Bitcoin, gold and silver. Even though he positions himself as a supporter of all three, he has recently been favoring silver over Bitcoin and gold.Kiyosaki stated that while the supply BTC and gold is not diminishing, silver is being actively used in various key industries. Therefore, he believes, this asset’s price is bound to surge 2x this year and hit at least $70 per ounce.