Has Bitcoin Become “Digital Gold”? Gold Correlation Hits a Six-Year High as U.S. Debt Tops $40 Trillion via @cryptoquant_com Bitcoin has broken above $80,000, but another development may be even more important: its relationship with gold. By late August 2026, the 90-day rolling correlation between Bitcoin and gold had risen to its highest level in roughly six years, while Bitcoin’s correlation with Nasdaq weakened. The key driver is the return of the “debasement trade.” U.S. federal debt has surpassed $40 trillion, long-term Treasury yields remain elevated, and concerns over the sustainability of public finances are growing. In this environment, investors appear more willing to hold scarce assets such as gold and Bitcoin as protection against currency dilution. This time, Bitcoin is also being supported by spot ETF inflows, adding a structural source of demand that did not exist in earlier cycles. Similar patterns appeared in late 2020 and late 2022: Bitcoin’s correlation with gold rose, then later declined as BTC entered a stronger, more independent rally. That does not mean Bitcoin has permanently become “digital gold.” Correlations can reverse quickly, and Bitcoin remains far more volatile. The key question now is whether BTC can continue rising even if gold pauses. If so, it may suggest that macro-hedge demand is evolving into Bitcoin-specific demand. https://t.co/z18upHJqMX“Digital-Gold”?-Gold-Correlation-Hits-a-Six-Year-High-as-U.S.-Debt-Tops-$40-Trillion