Bitcoin Critic David Stockman Gets Reality Check After Popular Analyst Likens BTC Slump To Drawdowns In 'Trillion Dollar Stocks' Like Nvidia, Amazon

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.

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.

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