Bitcoin Gold Correlation Hits 50% as Arthur Hayes Still Sees $1M BTC by 2030

• Bitcoin gold correlation is strengthening as Arthur Hayes maintains his Bitcoin $1M target, while his Bitcoin price prediction and BTC market outlook remain bullish on the long term
• Bitcoin’s correlation with Nasdaq has fallen significantly, while its relationship with gold has strengthened amid rising concerns around debt and currency debasement
• Arthur Hayes believes an AI credit shock, large-scale money creation and potential US yield-curve control could support his Bitcoin $1M thesis, while he also sees strong upside potential for Ethereum

Bitcoin’s price trajectory has now started to diverge from some of its traditional correlation points. The asset seems to be embarking on a new path, breaking away from its former correlation points. In a new development, the asset is now slowly moving away from Nasdaq as its correlation points and has started to relate more like gold in movements. The Bitcoin-gold relationship has strengthened sharply as investors are viewing both assets through the lens of monetary uncertainty. In the middle of this, the Bitcoin price outlook, however, continues to shine, as Arthur Hayes stays adamant on his $1M Bitcoin price outlook.

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Bitcoin Gold Correlation Moves Higher

Bitcoin has started to move away from Nasdaq, as its correlation with the index has fallen significantly. The asset has now started to behave like gold, giving the bitcoin-gold narrative a boost. Bitcoin’s 90-day Pearson correlation with gold recently hit a record high, while its 30-day correlation climbed to 0.8. A correlation reading of 1 would mean two assets are moving in sync, while a reading closer to zero indicates a weak relationship.

“SHIFT: Bitcoin is moving away from the Nasdaq and closer to gold. $BTC’s 90-day correlation with Nasdaq has fallen from around 60% to 33%, while its correlation with gold has climbed to roughly 50%, per Grayscale. Bitcoin is starting to trade more like a macro hedge than a tech stock.”

Bitcoin has now started to trade more like a macro hedge than a tech stock, adding a new dimension to its price outlook.

The Bitcoin gold narrative has largely benefitted due to market uncertainty, where government debt and currency debasement concerns have renewed interest in scarce assets.

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Arthur Hayes Sees Bitcoin Hitting $1M

The market is currently changing as the Bitcoin gold narrative continues to evolve. The BTC price outlook for the future remains positive per Arthur Hayes. Hayes recently shared how he believes the Bitcoin price can hit $1M by 2030.

His argument is based on several potential catalysts. The former BitMex CEO shared how he thinks factors such as an AI credit or bubble collapse, large-scale money creation and the possibility of US yield curve control may eventually push the asset on top of the market radar.

Among other notable things, Arthur Hayes’ reasoning for an AI collapse is particularly striking. He believes that the constant capital flow in AI could soon face disruption, leading to significant financial stress.

Such a scenario may lead policymakers to introduce aggressive monetary support measures, pushing the BTC price outlook higher. However, he later shared how he is also supporting Ethereum, considering how it may rise threefold to fivefold relatively quickly.

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