Bitcoin's Correlation with Gold Hits Six-Year High Amid Debasement Fears

The correlation between Bitcoin and gold has surged to its highest level in nearly six years, according to data from Bitwise. This comes as investors increasingly focus on inflation, government debt, and currency debasement risks.

Bitcoin's 90-day correlation with gold has climbed to its highest point since 2020, while its relationship with the Nasdaq-100 has weakened. The 90-day correlation between Bitcoin and gold is now at its highest level in nearly six years.

The shift in correlation suggests that Bitcoin's latest rally has been driven less by the technology-stock trade and more by macro concerns surrounding currencies, debt, and government borrowing.