And just like that, Bitcoin was back to being correlated with Gold by jrcornel

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hive-167922 · @jrcornel · Aug 11 '20

$21.79

And just like that, Bitcoin was back to being correlated with Gold

# Bitcoin is again strongly correlated to gold, currently seeing record high correlations

Ever since the pandemic really started back in February/March, stocks and bitcoin had been trading pretty much in lockstep.

The correlations between stocks and bitcoin were at record highs, causing some to question the store of value narrative surround bitcoin.

More about that can be seen here btw:

https://hive.blog/hive-167922/@jrcornel/whether-you-like-it-or-not-stocks-are-going-to-soar-and-so-is-bitcoin

Well we are currently starting to see those correlations between stocks and bitcoin break down.

As I type, stocks are up significantly while bitcoin gold and silver are all down significantly.

This shouldn't be that surprising to those of you that have been around bitcoin for some time, but even then, the positive correlation between bitcoin and gold is actually at an all time high.

Check it out:

![](https://images.hive.blog/DQmZ6rp1q9cphghQifWFJtpkMcuagCbBbQqiMSKTAHRS5cP/image.png)

(Source: https://twitter.com/skewdotcom/status/1292763517360189440)

As you can see, the bitcoin/gold correlation 1 month correlation is at an all time high.

# Buy Bitcoin Gold and Silver when the money printers go brrrrr

This again gives credence to the store of value narrative of bitcoin and the idea that it should do well when central banks are printing money.

Speaking of which, that is likely a big part of the reason that bitcoin gold and silver are all down significantly today.

A week ago it looked like we would have a new stimulus bill approved by the end of last week.

Not only did we not get a new stimulus bill passed, but it sounds like both sides are still far apart, meaning we may not get one this week either.

I imagine at some point they will come together and pass something that the economy and American people badly need, but it may not be for another couple of weeks.

Which is not what the markets (bitcoin gold and silver) wanted to see.

There is a lot of damage done to the economy that will not be remedied any time soon which means we are still likely very much in an easy money environment and will be for some time.

For that reason, big dips in bitcoin gold and silver are likely buying opportunities as we go forward.

Stay informed my friends.

-Doc

Posted Using [LeoFinance](https://leofinance.io/@jrcornel/and-just-like-that-bitcoin-was-back-to-being-correlated-with-gold)

👍 jrcornel, kingscrown, likwid, gringalicious, ripperone, brian.rrr, znnuksfe, leo.voter, nautilus-up, bigram13, edicted, themonetaryfew, ctime, pouchon, afiqsejuk, solips, digital-wisdom, mark-waser, tipsybosphorus, livingfree, minigame, planter, justyy, dera123, teammo, judasp, jacobtothe, noboxes, jaybird, benedict08, jondoe, themightyvolcano, herpetologyguy, makingblocks, smartvote, sevillaespino, aljif7, nnaraoh, d0zer, belemo, payroll, fullofhope, gamersclassified, stevelivingston, taskmaster4450le, kiddarko, asmr.tist, adventureevryday, jk6276.life, armadilloman, pocketrocket, sebastianjago, glastar, helengutier2, hendersonp, morgan.waser, hivecur2, bastter, jwaser, ifunnymemes, mdosev, dineroconopcion, builderofcastles, detlev, and 118 others
👎 dein-problem

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@edicted · Aug 11 '20

$0.08

I've never understood the obsession with trying to correlate Bitcoin to other assets. It's all short-term nonsense; only day-traders should care.  On the macro side of things Bitcoin is correlated to nothing because it's a unicorn asset making exponential gains every year. 

Money flows like water.  Everything is correlated, until it's not. I find the obsession with all the assumptions made about Bitcoin's short-term correlations more fascinating than the actual correlations themselves.  

* It's a hedge / It's not a hedge!
* It's a safe-haven asset / no it's not!
* It's gold 2.0!
* It's going to drown with the stock market! 
* It's the Dot Com bubble! 
* ICOs are priceless/worthless!
* Blah blah blah; flip-flop flip-flop

# So much noise.  
Do people even remember they thought the opposite thing the day before? 
They certainly won't admit it!
It's kinda mind-blowing at times.

👍 pouchon

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@jrcornel · Aug 12 '20 (edited)

It's not about thinking anything per say, it's a fact. At times bitcoin is correlated to gold, and at times the stock market and other times neither. It matters to macro funds that are trying to put together the best long term risk-adjusted portfolio they can. If bitcoin often moves along with stocks, there isn't much of a reason to own it. If it mostly moves on its own accord or along with gold, it offers diversification away from one's stock holdings. It's not just about labeling it something, it's about deciding whether it actually makes sense as a long term hedge in a well diversified portfolio.

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@edicted · Aug 12 '20

> If bitcoin often moves along with stocks, there isn't much of a reason to own it.

Yeah but from my perspective Bitcoin has done nothing but go x2 every year so from my point of view all these conclusions being drawn are just flat out silly. Bitcoin can decouple for a week and go 10x and it's like no one's paying attention to that.  Feels like I'm taking crazy pills over here.

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2 replies

@edicted · Aug 12 '20 (edited)

I will say it's fun to be correlated with gold because people call it Gold 2.0, but that just opens another can of worms trying to compare a digital asset with a physical one.  It's just more misinformation.  Gold 2.0 should make Gold obsolete by definition, but that again is an impossibility because the two products don't even appear on the same plane of existence.

👍 adamsidney

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5 replies