“Bitcoin itself has a tendency to pull everything else down like a cascade”
How many people have a completely backwards understanding like this?
“Everything else” wouldn’t even exist without Bitcoin and it’s been worthless the whole time
Yeah, but without Bitcoin, it's a bit... modest (ignoring trading volume), even compared to the market cap of individual companies. And Bitcoin itself has a tendency to pull everything else down like a cascade. So it's no surprise people get nervous.
The day when Bitcoin equals the whole market will eventually disappear... the question is when.