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Crypto and stocks seem to be correlated at this point.A bunch of folks from the Man Group and Campbell Harvey published a paper saying that Bitcoin specifically seems to have a positive beta with the US market:
> Finally, we are in the midst of another technological disruption in the form of the cryptocurrencies, including bitcoin. Some have advocated the inclusion of bitcoin into a diversified portfolio as an inflation protection asset. However, caution is warranted given that bitcoin is untested with only eight years of quality data – that lack a single inflation regime. Moreover, bitcoin is more than five times more volatile than the S&P 500 or gold. This high volatility could lead to bitcoin being an unreliable hedge. In addition, there is increasing evidence that bitcoin is a speculative asset and it has a positive beta against the US market.
* https://www.man.com/maninstitute/when-inflation-hits
* https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3813202
It's still early days, so more evidence certainly needs to be gathered, but so far as a hedge against inflation crypto doesn't look too good (especially because of volatility).
And Campbell published a pro-DeFi book recently, so it's not like he's against crypto generally:
* https://www.goodreads.com/book/show/57720429-defi-and-the-fu...
* https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3711777
* https://en.wikipedia.org/wiki/Campbell_Harvey