Bitcoin is being called the digital gold by some people. Which led a lot of people to assume that the two assets are correlated but research shows it is not.
When a new person tries to research into cryptocurrencies and especially Bitcoin you will come across the phrase 'digital gold' which is a common way people speak about Bitcoin. Some people even say bitcoin will become so valuable that it is going to replace gold as a store of value.
An incident as the recent conflict between Iran and the US saw the prices of Bitcoin and gold rise together. People often buy gold in fear of a economic crash and now Bitcoin seems to follow that trend as well. But recent long term data researchers uncovered that the two assets are not in connection at all.
In order to determine if there is a correlation between Bitcoin and gold researchers used a 90-day Spearman rank correlation calculations while using date from coin metrics. The Spearman rank correlation calculation measures the price correlation by assigning 3 values to the prices. -1,0 and 1. If it shows 1 it indicates a perfect correlation while the 0 means that there is no correlation. And -1 shows a inverse correlation.
So what dit the test say? After studying the data if was found that the correlation between gold and Bitcoin has been between 0 and 0.2 since the year 2013. That means there almost no correlation between the two. So recent similarities between Bitcoin and gold have been coincidental at the best case.
But it is true that both gold and Bitcoin prices surged after the attack on Iran by the US. This does not prove there is a correlation it just shows that investors are more interested in both assets instead of fiat currencies during scared times. It was just a coincidence the two assets were both moving in the same direction.
Calling Bitcoin the new gold is just sentiment and nothing more at this time. What will happen in the future is still unknown.