According to research by Bank of America, investors may turn to Bitcoin.
In the research, it was stated that as Bitcoin’s relationship with traditional financial markets changes, it may cause investors to see the asset as a safe haven.
Bank of America Strategists Have Taken Bitcoin
Citing research by Bank of America strategists Alkesh Shah and Andrew Moss, Bloomberg stated that the correlation between gold and crypto markets has risen from zero to 0.5 since August.
S&P 500 reached 0.69, while Nasdağ reached 0.72.
Moss and Shah stated that investors can see Bitcoin as a safe haven amid macro uncertainty.
The new data obtained reveals that cryptocurrencies are experiencing a change in the tendency to move with the stock markets.
Stating that Bitcoin has become a mature asset, Bloomberg analyst Mike McGlone believes that in the coming period, Bitcoin can outperform the S&P 500 index.
The leading cryptocurrency Bitcoin is trading at $ 19,230 at the time of writing, according to Binance data.
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