Safe Haven Asset Battle

Bitcoin maximalists have for years on maintained that crypto is in line to become a safe haven asset and hedge against inflation and possibly replace gold. 

Reality is Bitcoin the flagship of cryptocurrency is becoming this safe haven as increased correlation recording with gold amid prevailing macroeconomic factors continues. A 40-day correlation high has been hit by Bitcoin with gold standing at 0.50 after the value stood at around zero in mid-August as per Bloomberg report on October 22.

This correlation puts Bitcoin into focus as digital gold during this period whereby cryptocurrency has traded mainly in tandem with the equities.