RATE Group | Bitcoin Correlated With Avocado Toast, Is Crypto Another Millennial Luxury?
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Bitcoin Correlated With Avocado Toast, Is Crypto Another Millennial Luxury?

10 Oct Bitcoin Correlated With Avocado Toast, Is Crypto Another Millennial Luxury?

Posted at 21:11h in Bitcoin News by

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Bitcoin is lauded as an “uncorrelated asset” in terms of how it performs compared to popular stock indices like the S&P 500 and other traditional financial markets.

Recently, Bitcoin had shown some correlation with gold, strengthening the safe haven narrative that has been at the forefront of 2019. But Bitcoin has also shown correlation with another hot commodity adored by millennials: avocados.

Bitcoin and Haas Avocados Show Correlated Price Movements

How Bitcoin correlates to other markets is among one of the asset’s biggest selling points with institutional investors. The mostly uncorrelated asset is the perfect way to derisk a portfolio steeped in traditional assets like stocks, forex, or commodities, even despite all the risk associated with the asset class’s notoriously wild price volatility.

Related Reading | Venture Capitalist: Bitcoin is the Single Best Hedge Against Traditional Finance 

Bitcoin has surprisingly recently started to show an unusual correlation with one…

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