For some time now Bitcoin has been referred to as the “digital gold”, but in truth it has no direct relationship with gold. It was given that name because proponents of cryptocurrencies see them as a good hedge against inflation and against weakness in traditional fiat currencies brought on by central banks printing money non-stop. In truth Bitcoin and gold do not move in tandem and as of 2020 Bitcoin has been tied more closely to the movements in the S&P 500.