Much has been made of Bitcoin’s potential correlation with gold and tech stacks. When looking at the price action and returns of both assets, does this theory hold?
Some news sources have been fond of making comparisons between Bitcoin’s price action and that of other assets. In particular, the two most commonly compared asset classes are gold and tech stocks., it tends to be a big news story. Throughout much of 2022 and early 2023, for example, the “Bitcoin trades in tandem with tech stocks” narrative was prevalent. Since that correlation has broken down, however, there doesn’t seem to be much related news coverage.
It’s important to note, however, that correlations can come and go. Just because two assets share a correlation for a time doesn’t always mean they share a place in the market long-term. And when zooming out to larger timeframes, it might be possible to rule out correlations of any kind.Bitcoin, gold and NASDAQ: one-year correlation analysishas gained roughly 58%, rising from $16,600 at the start of the year to over $26,000 today.
So then, which is it? Safe-haven correlation or risk asset correlation? Or does the presence of multiple correlations point to no correlation at all? Does similar price action on a yearly basis constitute a significant relationship between two assets in the first place?
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