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Jacob King, a financial analyst at Whalewire, has stated that he doesn’t consider bitcoin a hedge “against anything.” King stressed that “crypto itself was entirely propped up by stable coin fraud. I warned it would crumble like paper when it starts.” Bitcoin fell under $50,000 on August 5th, as the Japanese stock market also took a nosedive, losing over 10% in just one session. While bitcoin has rebounded, reaching circa $55,000, King stressed that there might be more pain in the coming days. “Still has a way more to drop, we still have several months for this to all play out,” he concluded.
