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Similar Lookers Come Together - While the coronavirus crisis and the 'Black Thursday' crash may have cast doubt on Bitcoin's (BTC) role as a safe haven, recent evidence is rather reassuring. Indeed, it turns out that the king of cryptos and gold have never been as correlated as they are today, in the face of the money creation madness of fiat currencies.
Gold and Bitcoin Together on the Rises and the Lows?
According to Skew Analytics, the monthly correlation between Bitcoin and gold has reached a new all-time high.
The correlation rate between Bitcoin and the precious metal has thus reached a record level of 70%.
This high correlation between the king of cryptos and gold confirms this feeling that Bitcoin is increasingly seen as a safe haven.
Courses in harmony
The synchronized behavior of gold and BTC prices has been particularly noticeable in recent days. After climbing together to $ 2,000 per ounce (31.1g) for gold and $ 12,000 for Bitcoin, the two safe havens experienced a price correction together on Tuesday, August 11.
Gold price per ounce and Bitcoin vs dollar (D1)
Unlimited money creation of dollars, euros and other fiat currencies seems to be leading more and more investors, keen to protect themselves from hyperinflation, towards Bitcoin and gold. But if this role has long returned to the precious metal, it seems to be more and more precise for the cryptocurrency created by Satoshi Nakamoto.
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