No, the Bitcoin price is not correlated with Gold-price: new investigation

Bitcoin is often referred to as “digital Gold”, which led many to the assumption that the two assets would correlate in any way with each other. Recent investigations of this theory, however, refute.
When using crypto-currencies has quickly encounters the term “digital Gold” – one of the most common designations for Bitcoin. Some even believe that Bitcoin will one day be high-priced, that it will replace Gold as a store of value.
However, while the two Assets in the crypto space are often compared and discussed, have confirmed recent research that you are not actually correlated.
An incident such as the recent conflict between the US and Iran has resulted in the prices of Gold and Bitcoin are together soared as investors bought the assets out of fear of an economic crash. According to the study of long-term data, the researchers now find, however, that the two plants are not related.

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To determine whether there is a correlation between BTC and Gold or not, was used by the researchers a 90-day Spearman rank-order correlation calculation using the data of Coin Metrics.
The Spearman rank-order correlation calculation is a measure of the price correlation, by assigning the prices of three values: -1, 0 and 1. The value is 1, it indicates a perfect correlation. 0 means that there is no correlation between the Assets. The value of -1 indicates a perfect inverse correlation.

What is the correlation test Bitcoin vs. Gold says?

After studying the data, the researchers found that the correlation between BTC and Gold is up since 2013, is between 0 and 0.2 and this means that there is little to no correlation between the two values.
With other words: the Similarities between the development of the two assets in the past were at best random.
The data show, however, an interesting turn of October 2019 as the Gold – and crypto-prices correlated slightly inverted. The Figures show, however, still no real connection between Gold and digital assets – and all the reports that claim the opposite, based on temporary developments and coincidences.
As already mentioned: It is true that both the Gold and Bitcoin prices have increased after the attack of USA on Iran is strong. This proves, however, not the correlation between the assets, but only the interest of the investors in assets other than Fiat currencies values.
With other words: The increase was due to an incident and not a Trend. In addition, The two assets have moved often enough in opposite directions to prove that there is no real correlation.

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