Crypto NewsBitcoinWarren Buffet is on Sale! What Does It Mean For Bitcoin?

Warren Buffet is on Sale! What Does It Mean For Bitcoin?

United States-based investment giant Berkshire Hathaway recently announced its quarterly balance sheet.

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Berkshire Hathaway, the investment giant founded by the famous investor and billionaire Warren Buffet, recently announced its last quarter balance sheet report. The sale of Buffet's company in stocks and other risky assets caught everyone's attention.

According to the 1st Quarter 2023 report, Berkshire, which sold shares of 13.3 billion dollars in net position, increased its American bonds and cash assets to avoid risk. Many investors are following Buffet's moves carefully to analyze the current course of the world economy.

The preferences of the 92-year-old famous billionaire show that he expects a decline in the US stock market. The ongoing banking crisis in the country and the signals that the FED will continue its tight monetary policy longer than expected may have affected Buffet's decisions.

How Will Bitcoin Price Be Affected If Stocks Drop?

The leading cryptocurrency Bitcoin was performing almost exactly with the stock index Nasdaq, especially in the past summer months. Today, the correlation between BTC and the index is about 0.40. This could have a negative impact on Bitcoin if the stock market crash Buffet expected happens.

Mike McGlone, one of the Bloomberg analysts, warned that a drop in the stock markets could occur in BTC beforehand. According to McGlone, cryptocurrencies, which are inherently riskier, are more likely to be sold in a crisis scenario.

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