Bitcoin Isn't A 'Special Asset' But Rather Highly Risk Prone: A Nasdaq Crash Will 'Crater' BTC, Says This Economist

Macroeconomist Henrik Zeberg said on Saturday that Bitcoin BTC/USD and the Nasdaq stock index are in a tech-driven bubble, predicting a crash that could bring both assets back to 2022 levels.

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Bitcoin And Nasdaq’s Crash Imminent?

In an X post, Zeberg argued that Bitcoin is not a “special asset” but a “highly risk-prone asset" that moves in tandem with technology stocks.

He then asserted that Nasdaq is in a “major bubble,” with its Market Cap to GDP ratio exceeding the levels seen during the 2007 financial crisis.

"TechBubble2 is developing. BTC is part of that. And the top will come as recession moves close," Zeberg predicted. "A crash in Nasdaq as the Bubble bursts, will crater BTC."

The chart cited by Zeberg had a "Bitcoin Crash Target" drawn around the 2022 lows, and a “Nasdaq Crash Target,” aligning with the 2022 stock market decline.

"Do not get caught in the Bubble Euphoria – or the ‘you don’t understand BTC' stupidity," Zeberg said.

Some X users questioned Zeberg's understanding of Bitcoin, suggesting that he is ignoring the asset's scarcity dynamics.

Is Bitcoin Becoming More Closely Related To Tech Stocks?

Zeberg's remarks echoed Bitcoin critic Peter Schiff, who deemed Bitcoin a “digital tech stock” with no earnings potential last month.

Notably, Bitcoin’s 30-day correlation with the Nasdaq Composite has increased from 0.62 at the beginning of the year to 0.74 as of this writing, according to The Block, including a sharp spike in July.

Moreover, a report by Franklin Templeton found that Bitcoin's price correlation with the Nasdaq stock index has increased dramatically over the past three years.

Price Action: At the time of writing, BTC was trading at $121,713, up 2.63% in the last 24 hours and over 28% since the year began, according to data from Benzinga Pro. The Nasdaq Composite closed at 21,450.02 on Friday, up 11.08% year-to-date.

As of this writing, the Invesco NASDAQ 100 ETF QQQM exhibited a moderately high Momentum. Visit Benzinga Edge Stock Rankings to see how it compares with the iShares Bitcoin Trust ETF IBIT.