Bitcoin News

New Data Suggests Bitcoin and Gold Aren’t as Correlated as You Think

© Reuters.  New Data Suggests Bitcoin and Gold Aren’t as Correlated as You Think
© Reuters. New Data Suggests Bitcoin and Gold Aren’t as Correlated as You Think

Bitcoin’s (BTC) classification has been a controversial and difficult topic for crypto-enthusiasts, investors, and regulators to reach a consensus on. The digital asset has been compared to a currency, a commodity, an investment asset or even said to have no underlying value. However, from the perspective of regulators, has been mostly associated and studied as a commodity, especially in relation to gold. In fact, many times Bitcoin is referred to as the “new gold” or “digital gold.”

This week, as tensions between the United States and Iran ramped up, gold reached a 6-year high while BTC price rose about 20%. Thus, analysts are attempting to re-evaluate to what extent commodities and other traditional assets are linked to Bitcoin’s long and short-term price action.

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Source: investing.com
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