Bitcoin Bolsters Claim as a Haven With Rally Topping Gold’s - Yahoo Finance

(Bloomberg) -- Bitcoin’s claim for being digital gold appears to have another piece of evidence in its corner. In a day where global stocks plunged on concerns over the impact of the deadly coronavirus, the largest cryptocurrency gained as much as 5.8% while gold rose as much as 1.1%.

Critics of the assertion, or some would say mantra, that Bitcoin is a digital analogue to the precious metal could rightly point to a falling short-term correlation between the two assets throughout the fourth quarter of 2019. But since the beginning of the new year, the two assets 60-day correlation has flipped from negative to positive.

Timeline of Bitcoin