Cryptocurrencies
The Case for ‘Digital Gold’ Unravels as Bitcoin’s Plunge Deepens
- Gold gains during volatile month for crypto and equities
- Correlation between gold and Bitcoin sits close to zero
This article is for subscribers only.
The argument Bitcoin as a form of “digital gold” is falling apart.
As the world’s largest cryptocurrency slips to $38,000, the lowest price since August, its decline in tandem with risk assets such as tech stocks is casting a shadow on a long-touted similarity to gold.