Bitcoin and gold are increasingly moving together: The 90-day correlation between Bitcoin and gold prices is up to +0.50, almost matching the all-time high set during the 2020 pandemic. This figure has more than doubled since the start of the year. By comparison, following the 2022 bear market recovery, the 90-day correlation rose to +0.30. The recent surge accelerated following the US Treasury announcement on August 19th that it would at least double its buybacks of long-dated government debt, from $2 billion to $4 billion per operation. Meanwhile, the 90-day correlation between Bitcoin and the Nasdaq 100 is down to ~0.30, a 1-year low. Investors are increasingly turning to both gold and Bitcoin as hedges against currency debasement.