Despite the accusations against the cryptocurrency, Anthony Pompliano reminds us in the Tweet of the day that stocks can be more volatile than Bitcoin.
One of the main accusations that crypto skeptics direct against Bitcoin is that the value of the cryptocurrency is too volatile. Which has led commentators, such as gold magnate Peter Schiff, to call BTC a speculative instrument. Suggesting that virtual currency does not meet the characteristics of a real financial asset. Therefore, it is important that Anthony Pompliano mentions in the Tweet of the day that stocks on the stock market can be more volatile than Bitcoin.
“Bitcoin is too volatile” pic.twitter.com/rtWoQBamdj
— Pomp 🌪 (@APompliano) July 29, 2020
This is not a normal period for the world economy or for Bitcoin. Well, since the Coronavirus crisis began, financial markets have not found peace, as the negative effects of the pandemic on the economy resonate in all Western societies. Leading to the collapse and subsequent recovery of the world’s main stock exchanges.
However, even though the S&P 500 stocks are at record levels once again, this does not mean that the economy is doing well. Conversely, companies like airlines, and small and medium businesses, are facing difficult times. With several companies like Lufthansa, seeing real collapses in the price of their shares, while others like Tesla, they are experiencing their best moment in the market.
Thus, unthinkable things happening in the stock market have become common in the midst of the pandemic. Including high levels of price volatility, which outweigh Bitcoin’s volatility.
This is the case of Kodak, a company that after receiving a government loan to produce some necessary elements to create medicines to treat Covid-19, has seen an increase in its share price of more than 300% in a single day.
For this reason, through his Twitter account, crypto influencer Anthony Pompliano has written the phrase “Bitcoin is very volatile” in quotes, followed by a chart of the Kodak price increase. As a way to respond to accusations like Peter Schiff’s, remembering that stocks can also be as or more volatile than BTC.