Bitcoin Correlates More with Tech Stocks than Gold
- Bitcoin’s correlation with the Nasdaq index has reached up to 0.7 over the past three years.
- The correlation between Bitcoin and gold rarely exceeds 0.3 over rolling 90-day periods.
- A regression analysis shows no statistically significant relationship between Bitcoin and gold returns, with a p-value of 0.28.
- Gold benefits from long-standing institutional adoption and deep liquidity, unlike Bitcoin.
Research indicates that Bitcoin behaves more like tech stocks, such as those in the Nasdaq index, rather than as a substitute for gold, challenging its “digital gold” narrative.
Source (2.6)https://cryptobriefing.com/bitcoin-correlation-tech-stocks/?rand=59535
