Greg Chipolaro: The connection between Bitcoin and tech stocks is overstated., 2026/03/09 10:05:07

Bitcoin prices and the stock values of technology firms do not converge simultaneously; instead, they respond independently to overarching economic conditions, stated Greg Cipolaro, head of the research department at New York Digital Investment Group (NYDIG).

According to statistics, only about a quarter of Bitcoin’s price fluctuations can be attributed to its correlation with the stock market—at least 75% of the changes in the price of the leading cryptocurrency are driven by factors unrelated to traditional stock indices, the analyst claims.

“Conclusions suggesting that Bitcoin and shares of software development companies have structurally aligned or share common vulnerabilities to themes such as artificial intelligence or quantum risks are overstated. While the correlation among various assets remains high, it is still far from determining Bitcoin’s returns,” Cipolaro elaborated on his perspective. 

He believes that the financial market still does not view Bitcoin as a fully-fledged safe-haven asset in times of economic instability. According to the expert, this explains the ongoing disappointment among investors who expect the leading cryptocurrency to behave “like gold.”

In the long run, Bitcoin’s dynamics will be influenced by its own fundamental factors—network activity, the pace of new technology adoption, and changes in government regulation, the NYDIG representative is convinced.

Previously, Greg Cipolaro mentioned that the “investment universe” of the cryptocurrency market is gradually contracting, as the number of projects and applications capable of attracting investor interest is steadily decreasing.