What asset is Bitcoin? Firstly, let's look at the correlation with gold, after all, it's "electronic gold", isn't it? (Figure 1): It can be seen that the correlation between Bitcoin and gold is not strong, and the chart shows three time periods with completely opposite trends. The trend of gold is highly related to the proportion of US treasury bond bonds/gdp. As I said before, gold is the short index of US dollars 2/Let's first look at the correlation with NASDAQ: Figure 2 shows that in 2017, it was basically unrelated to NASDAQ, but in the 2021 cycle and this cycle, it was highly correlated with NASDAQ. Similar to the S&P 500. It can be summarized as follows: Nasdaq is an S&P500 with added medication BTC is a nasdaq with added medication