Bitcoin Price is Moving Like Gold, and Grayscale Says It's No Coincidence
Grayscale's research arm warned this week that Bitcoin's correlation with gold has climbed above 50%, a shift the asset manager frames as the return of the debasement trade.
The finding marks a sharp reversal from recent years, when Bitcoin frequently traded in step with growth stocks rather than hard assets.
How Grayscale Measured Bitcoin's Shift Toward Gold
In a recent note, Grayscale Head of Research Zach Pandl reported that Bitcoin's 90-day correlation with gold rose from near zero at the start of the year to above 50%. Over the same period, its correlation with the Nasdaq 100 slipped from more than 60% to roughly 33%.
Pandl said the shift may reflect renewed investor focus on Bitcoin's scarcity, monetary independence, and role as a store of value, according to Grayscale's ongoing research series. He stopped short of offering any specific price target tied to the finding.
"โฆAs fiscal imbalances grow and investors reassess the long-term purchasing power of fiat currencies, Bitcoin can serve as a scarce, liquid alternative alongside gold. That combination of scarcity and differentiated return drivers can make Bitcoin a compelling addition to a modern diversified portfolio," Grayscale Head of Research said.
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