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18 February 2020

Is Bitcoin a Safe Haven Like Gold? These Four Charts Say Not Yet

Is Bitcoin a Safe Haven Like Gold? These Four Charts Say Not Yet


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Is Bitcoin a Safe Haven Like Gold?

The question is, can bitcoin become a safe haven.

In the CoinDesk Research white paper, “Is Bitcoin a Safe Haven?” we look at some of the theories around how bitcoin might perform during a macroeconomic crisis and present a few metrics that might be used to measure bitcoin’s response.

This may be a positive indicator for those who hope that a yuan currency crisis could ignite safe-haven demand for bitcoin.

Bitcoin is the only crypto asset about which rational people could even discuss a haven narrative.

If bitcoin is becoming a “risk-off” asset, bitcoin returns ought to start decoupling from other crypto assets.

None of this is to say that bitcoin doesn’t have a credible story as a safe haven asset.

It’s clear that it isn’t one today, but that doesn’t mean it might not become a risk-off asset during the next downturn, or the one after that.

The results are mostly similar to the 30-day returns we used in the white paper, “Is Bitcoin a Safe Haven?” They also match the results we obtained using weekly returns.

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