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Bitcoin’s correlation with gold is critical as fears of a stock market collapse grow

cryptoslate

1mon ago

As the pandemic continues spreading and the stock market keeps climbing, investors are growing increasingly fearful that a collapse is imminent. This is leading some to turn to so-called “safe haven” assets like gold and even Bitcoin.

One prominent economic advisor is now noting that there are several “worrying signs” currently plaguing the market.

This has led him to caution investors against buying stocks that are “stunningly decoupled” from reality.

The ongoing pandemic has created a cataclysmic decline in employment across the globe, forcing central banks to fire off their money printers at an unprecedented rate.

Bitcoin investors and “gold bugs” alike have both rallied behind this as a reason for why investors should place a greater emphasis on “hard assets” that are underpinned by scarcity.

Gold has established itself as a safe-haven asset over several decades, but whether or not Bitcoin is able to perform well during a macroeconomic downtrend may soon be put to the test.

Mohamed El-Erian, the former CEO of Pimco and chief economic advisor at Allianz, explained in a recent op-ed that there are some worrying signs in the stock market that he is closely watching.

He points to rising corporate bankruptcies, households falling behind on mortgages and rental payments, and other factors as grim signs for what could come next.

He also advised that investors shy away from assets that are “stunningly decoupled” from reality.

“Rather than buying assets at valuations stunningly decoupled from underlying corporate and economic fundamentals, investors should think a lot more about the recovery value of their assets,” he said.

Although Bitcoin failed to live up to its status as a safe-haven during late-February and early-March, it has yet to trade against the backdrop of a prolonged economic downtrend.

According to a recent report from Arcane Research, despite BTC being incredibly more volatile than gold, the two assets have provided investors with similar returns throughout the past two years.

“Looking at a two-year window, bitcoin have more or less the same return as gold but has been significantly more volatile.”

If the benchmark cryptocurrency can continue providing investors with a similar return to gold in the months ahead, it could significantly outperform equities – assuming they enter a prolonged corrective phase.

In June, $2 trillion asset manager Fidelity Investments published a report on institutional investment in the Bitcoin and crypto industry.

Bitcoin’s mining difficulty saw a 10 percent upward adjustment today, causing hash rates to reach a historic all-time high of 17 trillion.

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

Cardano (ADA) has been trading alongside some of the best performing digital assets throughout the past quarter, posting intense gains fueled by positive news regarding the roll-out of the Shelley mainnet upgrade.

The significant fundamental growth seen by Ethereum over the past couple of months has led to a torrent of calls from investors regarding an imminent rally.

The price of Bitcoin (BTC) dropped to as low as $9,110 across major exchanges on July 10.

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