Bitcoin Not Yet Acting as Digital Gold, Citi’s Saunders Says
Citi’s Alex Saunders says bitcoin’s close ties to equities keep it from working as digital gold, though he expects a shift over the next five to ten years.
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what happened
Citi’s head of asset allocation, Alex Saunders, says bitcoin is not yet playing the role of digital gold because its correlation with equities remains too high, according to Market Talk. He said: “The problem with the digital gold thesis is that bitcoin still has a large equity correlation.”
Saunders expects that within five to ten years bitcoin should move closer to a hard asset and a hedge against currencies losing value. He argues the market will only look mature once its correlation with gold rises well above current levels and its link to stocks falls substantially.
At the time of reporting, bitcoin was down 1.1% at $73,499 and had lost 16% so far this year, while spot gold had dropped 7% year to date.
why it matters
For investors, the takeaway is that bitcoin still trades more like a risk asset than a defensive one. Its tight link to stock markets weakens its appeal as an insurance holding and can limit demand from those seeking shelter during uncertain periods.
market impact
Bitcoin: weak safe-haven role and ties to stocks pressure the price
- Bitcoin pressure down — weaker demand for a safe-haven role due to high correlation with equities
tags
instruments
on polymarket
sources
- Bitcoin Not Yet Performing Like Digital Gold — Market Talk, 12 November 2026 at 09:16 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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