For years, traders and investors were wondering if Bitcoin can be the digitalized version of gold. They even created a special altcoin named ‘Bitcoin gold’ and kept looking at a correlation between the two assets.
Even now, the question arises, can the recent drop in Bitcoin be associated with the recent rise on gold, or vice versa? In my opinion, those two movements and instruments are not correlated. The fact that both are quoted in dollars does not change anything - gold is very strongly influenced by the dollar situation whereas Bitcoin generally isn t.
First of all, the investor base is completely different. You can see it practically everywhere; they even mock each other on the internet. Gold Investors are considered old-school traders; babyboomers, generally not familiar with the latest in technology.