Adam Back

"In the short term Bitcoin follows along [macro/geopolitics]. In the long term it's decorrelated basically." Back attributes the recent 25-40% drop to "geopolitical uncertainty and news flow about tariffs." The current downturn is driven by temporary macro correlations rather than a breakdown in the asset's fundamentals. The long-term thesis of decorrelation remains intact, suggesting the current price is a discount driven by external noise. LONG (Long-term hold). Prolonged geopolitical instability or regulatory crackdowns could extend the period of high correlation with risk assets.