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#BTCGoldCorr+0.50 Bitcoin’s 90-day correlation with spot gold has risen to roughly +0.50, its highest level since 2020 and only the second move above that level since the dataset began in 2015. At the same time, Bitcoin’s correlation with the Nasdaq has fallen toward a one-year low. Bitwise interprets the shift as evidence that investors increasingly see both Bitcoin and gold as protection against currency debasement and fiscal uncertainty. This is an important development, but correlation does not establish a permanent relationship. Bitcoin remains far more volatile than gold and can quickly behave like a speculative risk asset when liquidity contracts. The recent pattern may reflect a specific macro environment involving rising government debt, Treasury-market intervention, and concerns about fiat currencies. The strongest interpretation is therefore not that Bitcoin has replaced gold, but that investors are temporarily buying both for similar reasons. Watching the dollar, real yields, ETF flows, and Treasury volatility will help determine whether this “digital gold” relationship persists.