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A comment on Bitcoin Is Acting Like Just Another Tech Stock. Parent comment

Re:Bitcoin Is Acting Like Just Another Tech Stock by IAmEveryone on Wednesday May 11, 2022 @10:02PM (#31348375)
The article is written as a response to claims that Bitcoin is an asset (class) different enough from stocks to be useful to diversify a portfolio. It's pointing out that, at a correlation of 0.86, it really isn't.

The headline doesn't quite convey this meaning.

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Re:Bitcoin Is Acting Like Just Another Tech Stock by MBCook on Wednesday May 11, 2022 @10:24PM (#31348549)
Which is a reasonable point. It really follows tech stocks pretty closely.

But in my mind it’s still an unfair comparison because tech stocks generally have some kind of fundamental tangible value. It may be worth 1/500th what the market cap is, but it’s there.

I don’t see that with Bitcoin. Just insane wastes of resources and pollution creation.

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