Why Is Bitcoin Underperforming Against Gold? Because They're 'Not Meaningfully Correlated,' Analyst Points Out
Portfolio Pulse from Khyathi Dalal
Bitcoin's recent underperformance against gold has sparked debate, with analyst TXMCtrades highlighting that Bitcoin and gold are not meaningfully correlated. Bitcoin's unique position as both a tech innovation and potential store of value differentiates it from gold, and its acceptance as 'new gold' is not yet widespread among investors.
August 28, 2024 | 6:07 pm
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Bitcoin's recent underperformance against gold is due to a lack of meaningful correlation, as highlighted by analyst TXMCtrades. Bitcoin's unique position as a tech innovation and potential store of value differentiates it from gold, and its acceptance as 'new gold' is not yet widespread among investors.
The article discusses Bitcoin's underperformance against gold and explains that the two are not meaningfully correlated. This suggests that Bitcoin's price movements are not directly tied to gold's, which may lead to neutral short-term price impact as the market continues to explore Bitcoin's unique position.
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