Bank of America, a large U.S. bank, analyzed that investors have begun to see Bitcoin (BTC), which had been traded as a risky asset for a while, as an asset “haven.”

Investment banks confirmed this possibility in indicators that indicate the correlation between Bitcoin and other assets.

According to Bloomberg on the 22nd (local time), the correlation coefficient for 40 days of BTC-Gold Price (XAU) rose from the “0” level in mid-August to about 0.50.


The “BTC-S&P500 (SPX) index correlation coefficient” and “BTC-NASDAQ100 (QQQ) index correlation coefficient” are higher at 0.69 and 0.72, respectively, but remain lower than the record level set a few months ago as the upward trend has declined.

Bitcoin once attracted attention as a “digital gold” that would hedge inflation, but was considered a risky asset such as stocks at a time when huge liquidity was released in the market to absorb the pandemic shock, and the two markets were synchronized.

Bank of America digital investment strategy experts Alkesha and Andrew Moss said, “The positive correlation coefficient with SPX and QQQ (the U.S. stock price index) is decreasing, and the XAU correlation coefficient is rapidly increasing,” adding, “This is a sign that the situation may change.”

They explained, “It suggests that investors can view Bitcoin as a relatively safe asset haven at a time when macroeconomic uncertainties continue and the market bottom is not confirmed.”




The diagnosis is in line with recent remarks by Galaxy Digital CEO Mike Novogratz. “Bitcoin will be a ‘canary in the coal mine’ along with gold,” he said at the C4K investor conference on the 20th.

Like Canary, which is most sensitive to coal mine harmful gases, Bitcoin will rebound faster than other tokens, responding to market recovery.

Earlier, Lauren Goodwin, an economist and investment strategist at New York Life Investment Company, also said, “Both Bitcoin and gold can be recognized as ‘central bank’ hedging measures.”