Gold Inclusion: Bitcoin has been most correlated with commodities and gold this year, outpacing its connection to equities and bonds. It’s a relatively new phenomenon. Gold rocketed higher from June 2019 to June 2020, a period where the price of bitcoin was unchanged. After that, it was bitcoin’s turn to lead the return parade, rising nearly ten times to new highs over a period when gold was down. The newfound positive correlation is indicative of a macro takeover – it’s the US dollar. The World Gold Council observed unprecedented central bank demand for gold last year, with continued buying in the early months of 2023. The lines between gold and digital asset markets are also blurring. Tokenized gold crossed the $1 billion asset threshold this year, and the fractional nature of tokenized assets is catching the attention of central bankers. Especially those with limited credibility, like Zimbabwe, where inflation averaged 242% in the past four years. Orthodoxy by way of inflation worked-- government debt ratios collapsed, expected to fall to less than 70% of GDP in 2023. Now, the Reserve Bank of Zimbabwe aims to restore its currency credibility. The method of choice? Gold…including tokenized forms. “We shall also soon be introducing digital gold tokens to ensure that those with low amounts of local currency can purchase the gold units so that we leave no one and no place behind,” remarked the Governor. Old nominal anchor, new digital rails. It’s central bank jewelry. Don’t be shocked if other countries looking to jumpstart credibility in global digital currencies, like China, take a similar path.