Bitcoin was a somewhat surprising buy for me last year when I looked to diversify away from equities and bonds that held little value.This was a wild ride, with gains nearing 50% at one point. Yet, over time, these gains have evaporated and BTC is holding near levels where I initially started a position.I still see merit to holding this asset as investors look to benefit from the popular trend away from government-issued currency.However, the basis for my outlook last year has waned. The correlation between stocks and cryptocurrencies has strengthened. This limits the effectiveness of this hedge during times of uncertainty.
