Bitcoin and Gold Grow Closer as Economic Uncertainty Rises
• Bitcoin's correlation to gold prices has climbed to new heights recently, currently sitting at 0.76
• This peak coincided with global central banks adopting interest rate hikes and the approval of a Bitcoin spot ETF in the U.S.
• Despite Bitcoin taking on more stock-like qualities, its kinship with gold has strengthened as investors seek stability amid economic uncertainty
• Bitcoin's purchasing power relative to gold hit a high recently, with the Bitcoin to gold ratio reaching 22.5
• The tightening Bitcoin-gold relationship highlights Bitcoin's complex nature as both a digital currency and an asset class as it matures