Authored by Mathew Di Salvo via BitcoinMagazine.com,
Bitcoin’s correlation with gold is at its highest in six years as investors increasingly look for ways to hedge against currency debasement.
That’s according to a new report from Bitwise, which this week pointed out that the precious metal and leading cryptocurrency are trading in lockstep because the U.S. government has “materially intervened in the macro picture.”
Bitcoin started surging last month, after the U.S. Treasury Department said it would more than double the size of its government debt repurchases. The coin had its best run in three years and third best August ever.
“The last time the bitcoin-gold correlation was that high was in 2020, following the rounds of fiscal and monetary stimulus during the Covid crisis,” Bitwise’s European Head of Research, André Dragosch, wrote.
JUST IN: Bitcoin's correlation with gold hit a six-year high, according to Bitwise 👀
— Bitcoin Magazine (@BitcoinMagazine) READ MORE AT SOURCE »
"The last time it was this high was 2020, after the Covid stimulus." 🚀 pic.twitter.com/fHtQUlR9OlOriginally reported by ZeroHedge NewsHOW DO YOU SEE THIS STORY?Choose your pill. Your vote is anonymous.0 TOTAL VOTES
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