A man talks on a mobile phone in a shop displaying a bitcoin sign during the opening ceremony of the first bitcoin retail shop in Hong Kong on February 28, 2014. Bitcoin was invented in the wake of the global financial crisis by a mysterious computer guru using the pseudonym Satoshi Nakamoto and unlike other currencies, it does not have the backing of a central bank or government. AFP PHOTO / Philippe Lopez (Photo credit should read PHILIPPE LOPEZ/AFP/Getty Images) 
Of course one day of trading does not a safe haven make. Critics of the assertion, or some would say mantra, that Bitcoin is a digital analogue to the precious metal could rightly point to a falling short-term correlation between the two assets throughout the fourth quarter of 2019. As Bitcoin’s price fell from more than $12,000 a coin last summer to less than $7,000 in the fall, gold rallied by about 20%.
But since the beginning of the new year, the two assets 60-day correlation has flipped from negative to positive. The correlation coeffecient now stands at 0.21, up from a low of negative 0.15 in December, and above the trailing one-year daily average.
Don’t care for statistical analysis? Well then take a look at how the cryptocurrency performed on another tumultuous day this year. Bitcoin and gold moved in tandem in the hours after Iran retaliated with a missile strike against the U.S. for the killing of General Qassem Soleimani.
