Concerns over stock market strength are far from universal as crypto correlation to U.S. equities fails to phase 3ac's Zhu Su.
Bitcoin (BTC) and Ether (ETH) are sure long bets for 2022, prominent investor and commenter Zhu Su says.
In a tweet on Feb. 10, Zhu, co-founder of hedge fund Three Arrows Capital (3AC), argued that BTC and ETH were the best options for investment this year, along with oil, while the S&P 500 is a no-go.
Despite concerns that deflationary pressures could take Bitcoin and altcoins down with equities, not everyone believes that 2022 will be a red year for holders.
The picture is complex — some are eyeing a "melt-up" for stocks and crypto as a result, thanks to a positive correlation.
Others feel a painful period is due across the board, but that at least Bitcoin will emerge stronger thereafter.
Ex-BitMEX CEO Arthur Hayes, meanwhile, has been solidly gloomy on the macro outlook since the start of the year.
For Zhu, however, there are now "pretty clear" places to hedge cash for the coming three quarters.
An additional Twitter post agreed that adding Visa and MasterCard as fiat payment processors was also a "no brainer" for shorts.
The forecast followed rumors that BlackRock, the world's largest asset manager, is allegedly aiming to enter the cryptocurrency space.
According to several people with knowledge of the matter quoted by mainstream media, BlackRock clients could soon be able to trade crypto.
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While the giant will also facilitate credit in return for crypto collateral. One source described BlackRock's approach as "looking to get hands-on with outright crypto."
The Canadian branch of Big Four accounting conglomerate KPMG announced it had added both Bitcoin and Ethereum to its balance sheet this week.
All in all, in the words of the popular trader and analyst Pentoshi, adoption has fuelled an "insane 24 hours." - Cointelegraph.com
