Bitcoin and Gold To Increase The Most Amid the COVID-19 Pandemic?
It’s no surprise that Bitcoin and gold are shining during times like this, Bitcoin is only going to grow stronger and more resilient – and popular – as time and the world moves along
Bitcoin and Gold To Increase The Most Amid the COVID-19 Pandemic, Report Says
“The unexpected outbreak of the COVID-19 pandemic jolted world economies and financial markets. The cryptocurrency space was not exempt from adverse price developments. However, a recent Bloomberg document outlined that the primary digital asset is declining in terms of volatility and is preparing to become a more stable asset amid the coronavirus crisis:
‘This year will confirm Bitcoin’s transition from a risk-on speculative asset to the crypto market’s version of gold, in our view. From a volatility perspective, declines in Bitcoin’s reading and the rise for the stock market’s shifts performance favor toward the crypto asset.’
Per the paper, the most recent stock market movements are pushing Bitcoin to ‘divorce’ its correlation with equities and, instead, to join gold. Evaluation in the report ‘depicts the 52-week correlation of Bitcoin to gold jumping to the highest in our database since 2010.’ It also added that BTC’s relationship with gold ‘is about twice that of equities.’”