Cobra Cobra: Bitcoin is not a hedging tool for the traditional financial system

According to CryptoGlobe, Cobra, the owner of Bitcoin's official forum Bitcoin.org, published a series of tweets saying: "The biggest investment mistake you may make is to think that Bitcoin and cryptocurrencies are generally a hedge against the traditional financial system. Naively think that Bitcoin will offset the losses you suffered in the economic recession and stock market crash.

"He explained:" When people have extra cash to invest in something risky, they will buy bitcoin, and that is when the economy is booming, because when the economy is booming, you have the ability to gamble And dreams. When people lose their jobs, can't afford a house, and have a difficult life, no one will buy BTC. The entire cryptocurrency market is almost entirely supported by novices. They buy cryptocurrencies blindly only because of greedy expectations of future value, based on perception rather than any utility value. When garbage becomes a reality, they will sell first. "