Since its mysterious birth roughly sixteen years ago-when some digital alchemist whispered “Let there be blockchain!”-Bitcoin has been hailed as digital gold. Why? Because, like gold, it has a finite supply, glitters under speculative spotlight, and occasionally drives men to madness. BTC evangelists, robed in crypto-faith and clutching whitepapers like holy scrolls, declared it the anti-Fed savior. Even so-called “serious” people in pinstripe suits at TradFi institutions nodded sagely and said, “Yes, this is a commodity,” thus sanctifying it with the same dignity as wheat, pork bellies, and yes, gold.
And if Bitcoin truly were a safe-haven asset akin to gold-nay, its cybernetic twin-one would expect them to waltz in harmony through the stormy nights of market turmoil. But alas! Since the fateful October 10 massacre-when the markets convulsed and over $19 billion in leveraged dreams went up in digital smoke-this sacred bond has shattered like a poorly coded smart contract.
Gold Runs, Bitcoin Stumbles
On that dark day, BTC plummeted from its celestial throne above $121,000 to a mere $101,000 in the blink of a liquidated eye. Millions of over-leveraged souls gasped as their portfolios vaporized into the ether, victims of their own hubris and ungodly margin ratios. Since then, the descent continued-oh, how it continued!-until yesterday, when Bitcoin hit a six-month low of $93,000, shivering in fear like a stray cat in a thunderstorm.
Meanwhile, gold-dignified, old-fashioned, unimpressed by algorithms-strolled upward with the confidence of a pensioner who already won the lottery. It brushed past records, kissed a new all-time high, and casually ignored the Bitcoin circus. As the Kobeissi Letter so delicately put it, after more than a year of moving in harmonious lockstep like a well-rehearsed ballet of safe havens, the relationship has now collapsed faster than a meme coin after the creator dumps.
Still not convinced?
Take a look at the chart of Bitcoin versus Gold since the October 10th liquidation occurred.
For 12+ months, Gold and Bitcoin moved with high correlation; the safe haven assets.
Since early-October, Gold has outperformed Bitcoin by 25 percentage points. 📊🔥
– The Kobeissi Letter (@KobeissiLetter) November 16, 2025
The analysts, those modern-day Cassandras squinting at candlestick charts instead of entrails, suspect the culprit is not regulatory crackdowns or quantum computers, but something far more mundane: excessive leverage. The crypto markets, they argue, have become a casino run by gamblers betting the rent money on leverage so high it would make a hedge fund manager blush. It’s not investing-it’s financial Russian roulette with pizza toppings on the line. 🍕🔫
The New Romance: Bitcoin & Big Tech 💔➡️💘
Just as one love dies, another begins. In a twist worthy of a Soviet-era tragicomedy, Bitcoin has turned its back on gold and eloped-with the Nasdaq. Yes, dear reader, the 30-day correlation between BTC and the Nasdaq 100 has soared to 0.80, the highest in over three years and second-greatest in the past decade. For five long years, their movements have danced in sync, except for a brief cold shoulder in 2023-presumably over a misunderstanding involving interest rates.
Meanwhile, Bitcoin’s relationship with actual money-cold, hard cash-and yes, gold, has deteriorated into polite indifference. The numbers don’t lie: 0.5 correlation with Nasdaq over five years, and “essentially zero” with traditional safe havens. It’s not a love triangle. It’s a divorce with alimony paid in memecoins.
“Bitcoin is increasingly behaving like a leveraged tech stock,” concluded the Kobeissi Letter-delivering the diagnosis with the gravitas of a doctor informing a patient they’ve had too much to drink for a decade. 🩺📉
So let us mourn the passing of “digital gold,” not with tears, but with irony. For in truth, Bitcoin was never Fort Knox with blockchain. It was always Silicon Valley’s volatile cousin who shows up to family dinners talking about “disruption” and wearing a turtleneck. And now? Now it’s fully employed-on the volatile Nasdaq payroll, where the only thing safer than a tech bubble is the next one. 🚀💸🎭
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2025-11-17 11:01