Odaily News Arthur Hayes wrote an article pointing out that Bitcoin (BTC), as a global, all-weather, unrestricted market, is fundamentally different from the regulated stock market.
Bitcoin is not affected by additional issuance, market failure means direct bankruptcy, and there is no national finance that relies on its rise. The stock market is only open for a limited time on weekdays, and participation is restricted. Although it cannot directly issue additional coins, participants with strong political backgrounds can get help.
Hayes emphasized that U.S. fiscal revenue is highly correlated with stock market performance, so the stock market will inevitably receive assistance during a crisis. However, during a fiat currency liquidity crisis, Bitcoin, as a truly free market, often leads the stock market in price movements, reacting in advance during declines and rebounds.