Bitcoin has shown to move with tech stocks and other risk-on assets. It's not an uncorrelated asset. The market views it as technology and not a commodity.
The game theory revolving around the halvenings means Bitcoin has a lot of speculative upside potential.
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I'm noticing that as well. Does that mean a commodity super cycle wouldn't be good for bitcoin? I would think inflation would also be good for bitcoin, even if it is a quasi tech stock.