Recent analysis suggests Bitcoin's price movements are increasingly tied to the performance of tech stocks, not gold as previously thought. This shift could attract more institutional investors.
- Bitcoin's correlation with the Nasdaq is stronger than its correlation with gold.
- Standard Chartered created a hypothetical index ('Mag 7B') including Bitcoin with top tech stocks, showing positive performance.
- Bitcoin's price volatility mirrors that of Nvidia, suggesting it's becoming a tech asset.
- Bitcoin's price is down about 5% this year, but some predict a rebound.
| Fact | Data |
|---|---|
| Bitcoin's correlation with Nasdaq | ~0.5 (approached 0.8 earlier this year) |
| Bitcoin's correlation with Gold | Just above 0.2 |
| Mag 7B (Bitcoin + Tech Stocks) Outperformance | ~5% since Dec 2017 |
| Bitcoin's Year-to-Date Performance | Down ~5% |
