Bitcoin is correlated with the financial markets, at least at the moment. And I don't know if that's good or bad news for Bitcoin holders.
A few days ago I published an article in which I wondered if Bitcoin was a correlated asset. After the Federal Reserve's interest rate cut and Bitcoin's behavior, it's confirmed that it is.
Free to use under the Pixabay Content License
This debunks for now the theory that Bitcoin is like gold or a substitute for gold. It's clear that it's not like that right now. Its price behavior is more like that of any other financial asset.
Safe haven assets like gold or silver go up when markets go down and they don't usually follow monetary policy guidelines.
Is this bad or good? It's neither one thing nor the other, it depends on the use that one wants to give it. It's also something that can change over time. As a financial asset it has the advantage that it can reach much higher prices than as a safe haven asset. And it's not the same thing to replace gold as to replace the dollar.
On the other hand, if you want to own Bitcoin as an asset for when things go wrong in the markets, wars, catastrophes, pandemics, etc... Then you better keep buying good old gold and keeping it safe.
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