Cryptocurrency Bitcoin BTC/USD is outpacing the S&P 500 during the ongoing market panic, according to Jamie Coutts, chief crypto analyst at Real Vision.
What Happened: Coutts noted Bitcoin’s relatively lower level of correction, despite its typical volatility, compared to its historical price fluctuations.
In a post on X on Saturday, Coutts stated, “BTC with 2.5x the volatility of the S&P 500 experienced a drawdown of 28% vs. the S&P 500’s 19%. That is a massive OUTPERFORMANCE.”
He suggested that this could be an indication of Bitcoin’s resilience and the growing instability of the fiat system and its asset markets. According to Coutts, Bitcoin is reflecting this deterioration.
Also Read: Bitcoin Set for April Price Surge as Fed Signals Monetary Easing
At the time of writing, Bitcoin was trading at $83,227, further solidifying its position as a strong contender in the financial market.
Why It Matters: Coutts’ analysis points towards an increasing importance of Bitcoin in the global financial landscape. He anticipates that Bitcoin’s role as a global settlement layer and collateral asset will speed up.
“What is happening right now is epic. Things are breaking… this time it will be nation states,” he said, hinting at the potential for a significant shift in the global economic order.
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