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    Home » The correlation of bitcoin and gold intensified amid tensions between the US and China

    The correlation of bitcoin and gold intensified amid tensions between the US and China

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    By BlockchainJournal on August 7, 2019 News
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    Another study by Bloomberg experts came to the conclusion that Bitcoin is becoming an attractive asset for investment in a period of economic turmoil.

    For the first time, an increase in the correlation of bitcoin and gold by experts Matthew Brucker and Tim Kulpan was discovered three years ago:

    “At that time, British voters had just made an unexpected decision to leave the European Union. The pound fell, and the rest of the world was in a panic, trying to understand what all this meant. At that time, we were not convinced that Bitcoin joined gold as a safe haven asset, and wrote that it would take several more attacks of global fear to confirm this hypothesis, ” experts say.

    Currently, uncertainty has returned to the markets. Tensions between the US and China go beyond the confrontation of trade and develop into a currency war. The controlled fall of the renminbi this week provoked the ire of President Donald Trump, who was ready to introduce additional duties on Chinese imports.

    “The ratio between the movement of bitcoin and gold over the past year is 0.496. According to our analyzes, over the past three months this figure has grown to 0.827. A correlation coefficient of 1 indicates that assets are moving ideally in one direction, ” Brucker and Kulpan report.

    The recent one-way movement of the price of gold and bitcoin does not seem to experts to be random. Over the past three months, since May 8, they moved together 58% of the time.

    “There is growing evidence that investors see bitcoin as a refuge in times of turbulence,” the researchers at Bloomberg conclude.

    Recall that Anthony Pompliano continues to argue about the need for long-term investments in bitcoin funds of pension funds.

    Publication date 08/07/2019
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