What kind of asset is Bitcoin?

1/ First, let's look at its correlation with gold, after all, it is called "digital gold," right? (Figure 1):

We can see that the correlation between Bitcoin and gold is actually not strong, with three distinct periods of opposing trends marked in the figure.

Figure 2 shows that the trend of gold has a very high correlation with the ratio of U.S. Treasury bonds to GDP. As mentioned before, gold is essentially a short index for the U.S. dollar…

2/ Now, let's examine its correlation with Nasdaq: Figure 3 shows that in 2017, Bitcoin was basically unrelated to Nasdaq, while in 2021 and the current cycle, it is highly correlated with Nasdaq. The same applies to the S&P 500. We can summarize it this way:

Nasdaq is the leveraged S&P 500

BTC is the leveraged Nasdaq

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