The survey, which took into consideration data from the past five years, concluded that there was little correlation to begin with.
Nevertheless, Bitcoin was adopted in mainstream finance at a better rate in 2020, Fidelity observed.
According to Fidelity Digital Assets head of research, Ria Bhutoria, Bitcoin's lack of correlation has been a response to the uncertainty brought on by covid-19.
As a result, BTC price has nosedived.
However, this doesn't change the fact that Bitcoin's actual price is still low when compared in terms of value to US stocks or gold.
Now, correlation is not necessarily something everyone in the industry embraces as a tell-tale sign of the success – or lack thereof – of any digital asset, be that Bitcoin or another popular token.
Bhutoria has described Bitcoin as a young asset, though, but this doesn't mean it could not – at one point – become correlated with other assets.
One way to “fix” that, if fixing is actually necessary, is to see more serious investors allocate more money into the asset.
However, so far Warren Buffet and other established financial giants have decided to steer clear of Bitcoin as a form of “scam.”
While a low correlation may be troublesome for traditional finances, crypto experts argue that Bitcoin's value in relation to other assets will only improve.
The cryptocurrency is already widely adopted in several industries, including gaming.
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