Bitcoin Price Doubles In Past 3 Months Correlation With Gold
According to a recent data Digital currency has almost doubled in relation to physical gold, Bloomberg’s report on the 7th of August.
These statistics have been released keeping in mind the price correlation between Bitcoin (BTC) and real gold which previously was at 0.496 significantly doubled to 0.837 from the past 3 months.
Over the past days, Bloomberg has been noticing and keep a watch over the ups and downs in the correlation of both the assets and had observed a significant rise in Bitcoin’s price.
Over Bitcoin being a safe haven for the digital age, cryptocurrency and blockchain lawyer Jake Chervinsky comments, ” amid non-sovereign and unpredictable geopolitical backdrop, Bitcoin is doing exactly what it was designed for in today’s world”.
While on the other hand, CEO of Crypto payment firm Circle appreciated the coins approach and said it to be “a non-sovereign, highly secure mechanism to store of value that can exist anywhere the internet exists.”
Several other firms have also cited the bullish growth rate of Bitcoin over a span of weeks. Experts saying that Bitcoin is a safe haven in this unstable economy.
Antony Pompliano, Morgan Creek Digital Assets founder, conversely noted that Bitcoin’s unique value might be best preserved if it preserves its “non-correlation to the rest of the markets, especially in times of global instability.”
