Bitcoin Turns Positive Year-to-Date as It Veers Toward Digital Gold Narrative

Bitcoin's strong correlation with gold continues as economic uncertainty grows.

April 28 (Bloomberg) -- So far, bitcoin is down about 1.5 percent since Dec. 31 of last year, performing between gold, which is up 24 percent, and the Nasdaq 100, which is down more than 7 percent, CoinDesk analyst James Van Straten said.

So the argument for positioning Bitcoin as a leveraged tech stock or digital gold is slightly biased in favor of the digital gold argument, but that's about it.

By analyzing the correlation coefficient of bitcoin's 30-day moving average, the correlation with gold is currently stronger at 0.70, while the correlation with the Nasdaq 100 Index is weaker at 0.53.

This suggests that Bitcoin's performance is closer to that of gold than it is to that of tech stocks.

Link to the original article：

https://www.coindesk.com/markets/2025/04/28/bitcoin-turns-positive-year-to-date-as-it-veers-toward-digital-gold-narrative