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Bitcoin ist nicht das neue Gold

Author

Listed:
  • Alexander Kriwoluzky
  • Christoph Schneider

Abstract

Der Kurs der Kryptowährung Bitcoin ist in den vergangenen zehn Jahren enorm gestiegen. Viele Anleger*innen haben inzwischen Bitcoin in ihr Portfolio aufgenommen, um von dem Kursanstieg zu profitieren und ihre Anlagen zu diversifizieren. Doch eignet sich die Kryptowährung dazu? Dieser Wochenbericht untersucht, inwiefern Bitcoin ähnlich wie Gold zur Diversifikation und Absicherung eines Anlageportfolios beitragen kann. Dazu wird die Korrelation der monatlichen Renditen in den letzten zehn Jahren zwischen US-amerikanischen und deutschen Aktien, Anleihen sowie Gold und Bitcoin berechnet. Die Berechnungen zeigen, dass die Rendite von Bitcoin im Zeitverlauf, im Gegensatz zu der von Gold, hoch mit den Renditen des Aktienmarktes korreliert ist. Deswegen kann ein Anlageportfolio, das Aktien stark gewichtet, Bitcoin nicht im gleichen Maße wie Gold zur Diversifikation nutzen.

Suggested Citation

  • Alexander Kriwoluzky & Christoph Schneider, 2025. "Bitcoin ist nicht das neue Gold," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, vol. 92(9), pages 119-124.
    • Handle: RePEc:diw:diwwob:92-9-1
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    More about this item

    Keywords

    Bitcoin; portfolio diversification; financial markets; correlation analysis;
    All these keywords.

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates

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