[Grayscale: Bitcoin-Gold Correlation Surpasses 50%, Currency Devaluation Trade May Be Returning] BlockBeats News, August 28, Grayscale's Head of Research Zach Pandl stated that over the past year, during the AI-driven surge in risk assets, Bitcoin's trading performance resembled that of high-beta assets. However, this trend may be reversing. The 90-day correlation between Bitcoin and the Nasdaq 100 Index has dropped from over 60% to approximately 33%, while its correlation with gold has risen from slightly above 0 at the beginning of the year to over 50%. Grayscale believes this shift may indicate that investors are refocusing on Bitcoin's scarcity, monetary independence, and store-of-value functionality. Meanwhile, U.S. federal debt recently surpassed $40 trillion, and persistent fiscal deficits along with rising long-term Treasury yields have brought renewed attention to assets capable of hedging against deteriorating fiscal and monetary fundamentals. Pandl noted that Bitcoin has no central issuing authority, its issuance rules are transparent, and its maximum supply is capped at 21 million coins. In an environment where the long-term purchasing power of fiat currencies is being reassessed, Bitcoin can serve as a scarce and highly liquid alternative asset alongside gold. Bitcoin and other scarce digital assets may be entering a more favorable market phase. [Original Link]