Cryptocurrency analyst Willy Woo countered former White House official David Stockman‘s critique of Bitcoin’s (CRYPTO: BTC) “store of value” narrative on Tuesday, noting that top Wall Street stocks endured similar volatility in the past.
Stockman Mocks Bitcoiners
In an X post, Stockman questioned Bitcoin’s recent performance, highlighting its 48% drop from record highs to $65,000 in just four months.
Stockman, a fierce critic of all things cryptocurrency, jabbed at Bitcoiners, saying that they might be loving this “store of value” performance.
“Then again, a speculative asset is one thing; real money is a wholly different kettle of fish,” the former Reagan budget director said.
Analyst Draws Attention To Past Drawdowns In ‘Mag 7’
Woo, a longtime Bitcoin advocate, fired back, comparing similar drawdowns in trillion-dollar S&P 500 stocks like Nvidia Corp. (NASDAQ:NVDA) and Amazon.com Inc. (NASDAQ:AMZN).
In 2022, NVDA fell from the high $20s to approximately $11, while the Amazon stock crashed 90% during the early 2000s dot-com bust.
Woo argued that if a similar yardstick is applied to these Wall Street titans, they should “never have a place in a wealth portfolio.”
When challenged on whether Bitcoin generates meaningful output or revenue like traditional companies, Woo defended the network as a “global ledger” for value transfer.
The Real ‘Store Of Value’
Stockman’s criticism comes at a time when Bitcoin’s volatility is a hot topic among investors.
The apex cryptocurrency has crashed 26% year-to-date, far worse than the Roundhill Magnificent Seven ETF (BATS:MAGS), which offers exposure to the “Magnificent Seven” stocks.
Gold, on the other hand, has rallied 20%, behaving more like a reliable store of value asset.
| Asset | YTD Gains +/- |
|---|---|
| Bitcoin | -26.24% |
| Roundhill Magnificent Seven ETF |
-5.53% |
| Spot Gold | +20.45% |
Price Action: At the time of writing, BTC was exchanging hands at $64,955.01, up 3.27% over the last 24 hours, according to data from Benzinga Pro.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo: Memory Stockphoto / Shutterstock
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