Veteran Trader: Bitcoin Should be Viewed as “Catastrophic Insurance Policy”

Bitcoin has been firmly acting as a risk-on asset over the past several weeks, with its price closely tracking the movements seen by the U.S. stock markets. This has invalidated its status as a safe haven asset and has made the benchmark crypto prone to seeing massive near-term downside.
Although BTC has been moving in tandem with the Dow Jones, S&P 500, and other benchmark indices, one veteran trader and highly respected analyst is now noting that he believes investors should view Bitcoin,