Is Bitcoin a Digital Gold? Kaiko Data Indicate Otherwise

Bitcoin has often been projected as the digital equivalent of gold as it acts as a store of value and inflation hedge quite similar to the functions associated with gold. However, if you ask any Bitcoin proponent about the parallels, most would say Bitcoin would rather displace gold and act as an independent asset class rather than digital gold. The recent data from Kaiko paints a similar picture as Bitcoin’s correlation with gold has reached a new 3-year low moving into negative territory.