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The Case for ‘Digital Gold’ Unravels as Bitcoin’s Plunge Deepens

  • Gold gains during volatile month for crypto and equities
  • Correlation between gold and Bitcoin sits close to zero

The argument Bitcoin as a form of “digital gold” is falling apart.

As the world’s largest cryptocurrency slips to $38,000, the lowest price since August, its decline in tandem with risk assets such as tech stocks is casting a shadow on a long-touted similarity to gold.