BTC vs TQQQ (acting as tech stock)

Charting BTC vs NASDAQ 3X exposes recent increase in correlation and volatility. For the purposes of price discovery, Bitcoin became a tech stock. If Nasdaq tanks, it will take BTC with it, if it rises, BTC will run. Likely to continue faithfully until we are out of recession.
Historically, BTC has never been able to find support during sustained economic downturns. I used TQQQ for visual clarity here. Price levels shown are those of price discovery during major market events with some inflation built in.

Comment:

Since March, #BITCOIN matched performance of rolling long call strategy on NASDAQ (TQQQ). For now, #BTC has a volatility premium and can be used as short term technical play, until volatility dies. Then, it becomes a good free option on NASDAQ, but not a diversifier or a hedge.
In fact, it can be seen that #BTC tracks TQQQ very faithfully during bear markets, most recently during 2008, Covid and the current downturn. It then significantly outperforms during bull periods, although tending to overshoot and correct periodically.