.BankofAmerica says cryptocurrencies like bitcoin will trade as risk assets until volatility falls. By willcanny99
Bitcoin is seen more as a risk asset than an inflation hedge.
Correlations on Jan. 31 between bitcoin and the S&P 500 stock index, and between bitcoin and the Nasdaq 100 index reached all-time highs, and the 99.73 percentile, respectively, analysts led by Alkesh Shah wrote Tuesday. The digital asset’s volatility has fallen from the highs seen in 2013, but it remains elevated relative to the S&P 500, Nasdaq 100 and gold, the report said.
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