In 2018, comedian Hasan Minhaj made headlines during a segment on his show 'Patriot Act' by calling out investors who bought Bitcoin at around 6,500 USD, labeling such investments as foolish during a period of intense market skepticism. This comment, recently recirculated in a tweet by Gordon on June 17, 2025, as shared on social media platforms, serves as a reminder of the volatile sentiment surrounding Bitcoin during its bear market phase post-2017 bull run. Back then, Bitcoin had plummeted from its all-time high of nearly 20,000 USD in December 2017 to hover around 6,500 USD by October 2018, as reported by historical data from CoinMarketCap. This price point, though seen as a low by today’s standards, was viewed with heavy criticism at the time. Fast forward to 2025, Bitcoin has since reached new highs, with prices touching 108,000 USD on November 22, 2024, according to CoinGecko data, showcasing a staggering recovery and growth of over 1,500% from Minhaj’s referenced price. This historical context ties into broader market dynamics, including stock market correlations, as Bitcoin’s trajectory often mirrors risk-on sentiment in traditional markets. During 2018, the S&P 500 also faced volatility, dropping approximately 6.2% for the year, per Yahoo Finance historical records, reflecting a cautious investor outlook that spilled over into crypto markets. Minhaj’s comment, while satirical, underscores how public sentiment can lag behind market realities, offering a lens into how crypto trading opportunities often emerge during periods of maximum pessimism. This event also highlights the importance of understanding cross-market influences, especially as institutional interest in Bitcoin grew post-2018 alongside stock market recovery phases.

From a trading perspective, Minhaj’s 2018 remark about Bitcoin at 6,500 USD provides a valuable lesson in contrarian investing within crypto markets. Traders who bought at that price point, ignoring mainstream skepticism, would have seen exponential gains by holding through subsequent bull cycles, with Bitcoin reaching 69,000 USD by November 10, 2021, as per CoinDesk records, and later surpassing 100,000 USD in late 2024. This ties directly to stock market dynamics, as risk appetite in equities often correlates with crypto price movements. For instance, during the 2020 stock market recovery post-COVID crash, the S&P 500 gained 16.3% for the year, per MarketWatch data, while Bitcoin surged from around 7,200 USD in January 2020 to 29,000 USD by December 31, 2020, based on CoinMarketCap figures. This correlation suggests trading opportunities arise when traditional markets signal recovery, often driving institutional money into riskier assets like Bitcoin. Today, with Bitcoin trading at approximately 106,500 USD as of December 15, 2024, per Binance live data, traders can look for similar cross-market signals, such as rising stock indices or increasing Nasdaq volume, to gauge potential Bitcoin rallies. Moreover, Minhaj’s outdated critique reflects how sentiment-driven narratives can create buying opportunities during fear-driven sell-offs, a pattern visible in both crypto and stock markets. The key takeaway for traders is to monitor macroeconomic indicators alongside public sentiment to capitalize on mispriced assets.

Diving into technical indicators and on-chain metrics, Bitcoin’s price at 6,500 USD in October 2018 coincided with a low Relative Strength Index of 30 on the daily chart, signaling oversold conditions, as per TradingView historical data. Trading volume during that period dropped to around 3.5 billion USD daily on major exchanges like Binance, reflecting diminished interest, according to CoinMarketCap archives. Fast forward to recent data, Bitcoin’s trading volume spiked to over 40 billion USD on November 22, 2024, during its peak at 108,000 USD, per CoinGecko reports, indicating strong market participation. On-chain metrics from Glassnode also show a significant increase in Bitcoin addresses holding over 0.1 BTC, rising from 2.8 million in October 2018 to over 4.5 million by December 2024, suggesting growing retail and institutional adoption. In terms of stock-crypto correlation, the S&P 500’s rally of 24.2% in 2023, as reported by Bloomberg, aligned with Bitcoin’s climb from 16,500 USD in January 2023 to 44,000 USD by December 2023, per CoinMarketCap data. This correlation highlights how institutional money flow from equities into crypto often amplifies price movements. For traders, monitoring stock market volatility indices like the VIX alongside Bitcoin’s on-chain activity can uncover high-probability setups. Additionally, crypto-related stocks like MicroStrategy, which saw its share price rise from 131 USD in January 2023 to 413 USD by December 2024, per Yahoo Finance, reflect how Bitcoin’s price action directly impacts equity valuations, offering diversified trading opportunities.

In summary, the resurfacing of Hasan Minhaj’s 2018 Bitcoin critique serves as a historical benchmark for understanding market sentiment shifts and their trading implications. The interplay between stock market movements and crypto assets remains a critical factor, with institutional flows often bridging these markets. Traders who recognized the undervaluation of Bitcoin at 6,500 USD in 2018, amidst a backdrop of stock market uncertainty, reaped massive rewards. Today, with Bitcoin trading near 106,500 USD as of December 15, 2024, and the S&P 500 showing resilience with a 19.5% year-to-date gain as of the same date per MarketWatch, the correlation persists, signaling continued opportunities for cross-market strategies. By leveraging technical indicators, volume data, and institutional trends, traders can navigate these interconnected landscapes effectively.

FAQ:
What was Bitcoin’s price when Hasan Minhaj criticized it in 2018?
Bitcoin was trading at approximately 6,500 USD in October 2018, as noted in historical data from CoinMarketCap, during the time of Minhaj’s commentary on 'Patriot Act.'

How does stock market performance impact Bitcoin prices?
Stock market performance, particularly indices like the S&P 500, often correlates with Bitcoin due to shared risk sentiment. For example, during the S&P 500’s 16.3% gain in 2020, Bitcoin surged from 7,200 USD to 29,000 USD, per MarketWatch and CoinMarketCap data, reflecting institutional money flow into riskier assets like crypto during bullish equity phases.