What asset is Bitcoin? Firstly, let's look at the correlation with gold, after all, it's "electronic gold", isn't it? (Figure 1): It can be seen that the correlation between Bitcoin and gold is not strong, and the chart shows three time periods with completely opposite trends. Figure 2 shows that the trend of gold is highly correlated with the proportion of US treasury bond bonds/gdp. As previously said, gold is the short index of the US dollar 2/Let's first look at the correlation with NASDAQ: As shown in Figure 3, it is basically unrelated to NASDAQ in 2017, but highly correlated with NASDAQ in the 2021 cycle and this cycle. Similar to the S&P 500. It can be summarized as follows: Nasdaq is an S&P500 with added medication BTC is a nasdaq with added medication