Grayscale this week reported that Bitcoin’s correlation with gold has climbed above 50%, a sharp reversal from recent years when Bitcoin frequently traded in step with growth stocks. Bitcoin’s 90-day correlation with gold rose from near zero at the start of the year to above 50%, while its correlation with the Nasdaq 100 slipped from more than 60% to roughly 33%. Grayscale Head of Research Zach Pandl attributed the shift to renewed investor focus on Bitcoin’s scarcity and role as a store of value. This development aligns with the broader « debasement trade » thesis, which favors hard-capped assets as fiat currencies depreciate, amid US federal debt surpassing $40 trillion.
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