Bitcoin Correlation to Gold Reaches New High Amid Inflation Concerns

Tether Co-Founder Bill Quigley explains that Bitcoin is increasingly behaving like a gold hedge against US government inflation. This shift has contributed to its 35% increase since June lows, with its correlation to gold rising to 0.71.

The correlation between Bitcoin and gold has been increasing steadily over the past few months, according to Quigley. He attributes this to Bitcoin's growing appeal as a store of value in times of economic uncertainty.

Bitcoin's price surge since June has seen it gain 35% in value, with its price now at an all-time high. This trend is expected to continue as investors seek safer havens for their assets.