So here's something I've been thinking about lately. Everyone keeps saying Bitcoin trades like a tech stock now, and yeah, the correlation is real. But that doesn't automatically make it a bad diversification play.

Look, I get the criticism. When the market tanks and tech stocks crater, Bitcoin often follows. The old narrative about Bitcoin being uncorrelated doesn't really hold up anymore. But here's the thing people miss - just because it moves with tech doesn't mean it's not worth holding.

The way I see it, even if you're looking at a 100 min in hours kind of short-term perspective, Bitcoin still offers something different than traditional tech exposure. The underlying fundamentals and the institutional adoption story are separate from correlation patterns.

Think about it from a portfolio construction angle. You're not buying Bitcoin just because it's uncorrelated anymore. You're buying it because the use case has evolved, the infrastructure is better, and the institutional players are actually committed now. That's different from 2017.

Yeah, it'll probably move with risk assets in a downturn. But over a longer time horizon, having some Bitcoin allocation still makes sense for diversification. It's just a different kind of diversification than what people expected five years ago.

The key is understanding what you're actually diversifying into. It's not about being uncorrelated. It's about having exposure to a different asset class with its own narrative and institutional momentum.