Book

Has Bitcoin Become More Equity-Like? examines how Bitcoin’s relationship with traditional equities has changed over the past decade and what that change means for investors, portfolio diversification, and financial markets. Bitcoin was initially viewed as an asset with limited connection to conventional financial markets, offering the potential for diversification precisely because its price movements appeared different from those of stocks. But as Bitcoin has become more institutionalised and increasingly integrated into the global financial system, that assumption deserves closer examination. This book studies the evolution of Bitcoin–equity dependence from 2015 to 2025, with particular attention to structural change, periods of market stress, and the implications for portfolio construction. It combines correlation analysis, rolling-window evidence, stress-period comparisons, and practical portfolio scenarios to explore whether Bitcoin has genuinely become more equity-like or whether its relationship with equities remains conditional and time-dependent. Written in accessible language, the book is designed not only for researchers and finance professionals, but also for students, investors, and readers interested in understanding how the role of Bitcoin in modern portfolios is changing. At its core, the book asks a simple but important question: if Bitcoin increasingly moves with the assets investors already own, can it still provide the diversification benefits that originally made it attractive?