Bitcoin’s Rising Correlation With Gold Indicates Investors See It as a Safe-Haven, Says Bank of America Market Strategists
Amid the economic uncertainty affecting a myriad of countries worldwide, Bank of America Securities market strategists explained in a note this week that the leading crypto asset bitcoin has been correlated with the well known precious metal gold. Bank of America analysts Alkesh Shah and Andrew Moss noted “that investors may view bitcoin as a relative safe haven as macro uncertainty continues.” Bank of America’s Market Strategists Say Bitcoin’s Rising Correlation With Gold Indicates ‘Investors May View Bitcoin as a Relative Safe Haven’ Market strategists from Bank of America’s securities division, Alkesh Shah and Andrew Moss, detailed this week that bitcoin and gold have been highly correlated in recent times. The news follows the recent report published by the crypto data provider Kaiko, which says bitcoin has been less volatile than the Nasdaq and S&P 500 indices. According to the Bank of America strategists, bitcoin’s (BTC)...