"It's exactly why bitcoin (BTC-USD) was created," said Mike Novogratz last week, referring to the revving up the government printing press in response to the pandemic.His words reflect much of the sentiment among crypto bulls, but the rally awaits. While bitcoin is nicely off its March low, it remains more than 30% below its February high.Patience, recommends Nic Carter of Castle Island Ventures. Devaluation does not happen overnight, but instead over time.For now, at least, the price of bitcoin appears to be a bit too correlated with the moves in the S&P 500, suggesting investors in panicky times are happy exchanging the crypto for dollars.Bitcoin this morning is up 5.2% to $7,158.