What the Oil Market Says About Bitcoin’s ‘Safe Haven’ Status
“I don’t think any asset is safe right now – except cash, U.S. dollars.”
Just because gold is losing momentum and bitcoin is gaining it doesn't mean investors are selling gold to buy bitcoin – not yet, anyway.
Drastic measures are being taken by the Federal Reserve as Wall Street reels from fresh predictions of a steep drop-off in economic output due to coronavirus-related lockdowns, business disruptions and job losses.
For many, bitcoin is hedge against inflation. But it's also a safety play for a world where old ideas about economics are up in the air.
After the past week, bitcoin will never again be considered a safe haven investment, argues Noelle Acheson. And that’s not a bad thing…
Bitcoin fell 40 percent this week from coronavirus shocks, but it's still seen as a safe haven in the Middle East.