Recent history suggests correlations between gold and Bitcoin are somewhat inconsistent, especially when the going gets tough. Arguably, it makes sense to view Bitcoin not as a gold replacement or supplement but as its own unique asset class.
A portfolio seeking some safe haven may wish to stick with gold rather than Bitcoin, as Bitcoin tends to feel the same sinking feeling that your average stock does when financial markets go into a meltdown.
Bitcoin doesn't shine quite like gold. And while it may have a rather limited correlation to the broader equity markets, I wouldn't yet treat Bitcoin or any other cryptocurrency, for that matter, as a suitable alternative for gold.
While it can help diversify portfolios further, investors must acknowledge that adding a large position in Bitcoin may add risk and amplify volatility.
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