I’m increasingly open to the idea that bitcoin could disconnect from the risk trade in light of risks around the US dollar and turmoil in the world.

There is a strong correlation between bitcoin and the Nasdaq that’s been established in the last two years but it’s not iron clad. At the moment there is an urge in the market to find dollar alternatives and that’s led to big bids in gold, the yen and Swiss franc. I can envision many scenarios where that extends to bitcoin and we could be seeing the start of that. He held up better in April than stocks and that’s shown it can pass the first test.

An asset like bitcoin tends to be a chameleon and a momentum trade. If it can get above $86K (or the April high of $88.6K), that momentum could really kick in. I think it’s too early to make that call but I’m watching carefully.