It’s an indirect correlation

With Bitcoin you have a lot of middle class folks that have had (and continue to have) an opportunity to participate in the stock market indirectly through the idea of Bitcoin

The whole idea is that for a long time Bitcoin was such a cheap entry point that people could just get in and they thought it was exciting.

And in a way what really happened is a lot people who weren’t really doing anything in business just got really rich from these jumps

And people started putting more and more money into it, and telling their friends and cousins about it so the price kept going up

The audience that is generally into bitcoin is younger versus the people in stocks

And when things go up this younger audience feels confident spending because they’re getting more income

Does it mean they’re spending all their bitcoin money when they're taking it out?

No

Bitcoin has been used very effectively in purchasing watches...

...therefore avoiding cashing out of bitcoin and paying a tax on it

So because people have figured out this loophole where they’re like "what can I buy with bitcoin so that I don’t have to claim that Bitcoin went from 50k to 100k and I doubled my money"

So i’ll take my profits and park them in a tangible asset that I always wanted like a car or watch and go from there