Analysis: Bitcoin and gold have similar trends in the past three months, and the correlation has soared to 0.827.

According to BNN Bloomberg, another speculative asset is also recovering as the price of gold climbs to the psychological threshold of $1,500. Bitcoin has a long way to go before its historical peak; in fact, it is lower than the recent June high. However, these two assets seem to have been in tune in the past three months, which is relatively rare. The last time a similar situation occurred was three years ago when British voters unexpectedly made a decision to leave the European Union. The sterling depreciation, the rest of the world is in panic, trying to figure out what it all means. Now uncertainty has emerged. In the past year, the correlation between Bitcoin and gold was 0.496. According to the analysis, this number has soared to 0.827 in the past three months. (A correlation coefficient of 1 indicates that the assets move in a fully synchronized manner, while -1 indicates that they move in the exact opposite direction.) It is important to note that correlation does not imply a causal relationship. However, the recent trend of gold and bitcoin is not random. The 66-day trading data may not be statistically significant, but this does not mean that this should be ignored. There is growing evidence that, regardless of right or wrong, investors see Bitcoin as a haven for turbulent times.