The correlation between Bitcoin and gold, calculated on a monthly average, has reached an all time high, surpassing the peaks of Q4 2018 and Q2 2019, according to crypto data firm Skew Analytics.
The spike in correlation between the two assets once again adds momentum for Bitcoin’s reputation as a ‘digital gold’ or as a ‘store of value” as the precious metal, the analytics firm added. As governments and central banks print more money during Covid-19 in an attempt to help boost their economies, investors are looking to for other opportunities outside of fiat currencies (which are prone to inflation) for harder assets.
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