Bitcoin has been on a tear this year, and the cryptocurrency’s correlation with stocks has fallen, the firm found.
It's "irrational" to like gold and dislike bitcoin at this point in the macro cycle, according to Bernstein. While ether has been gaining strength relative to bitcoin ahead of the "Shanghai" upgrade this week , bitcoin has outperformed it and the major stock averages this year. Consider that bitcoin has gained about 75% year to date, according to CoinMetrics, while the S & P 500 has climbed 6.7% in 2023.
rate cuts, thus there is a rising preference for gold as a hedge," Bernstein analysts Gautam Chhugani and Manas Agrawal said in a note Monday. The analysts noted that despite the cryptocurrency being the best performing asset this year, "there is limited belief that this is structurally a new bitcoin cycle and that bitcoin will see fresh allocations." "We find this position somewhat irrational," they added.
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