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Bitcoin is now seen as a Safe Haven asset as declared by Rhythm Technologies' Chief Marketing Officer, Chris Reinertsen.
Safe Haven assets are assets where investors place their money during rising global uncertainties in their desire to flee risky assets like stocks. US Treasuries, gold, and the Swiss Franc belong to the ranks of Safe Haven assets.
Weeks into the U.S.-China Trade War, Bitcoin seem to have joined these assets. In a statement, Reinertsen had this to say:
“The devaluation of China’s Yuan has just hit an 11-year low against the dollar...There is a flight of capital to safe-haven assets across the board, which now includes Bitcoin. Throughout the last few years, we have been seeing the trend of Bitcoin increasingly becoming fundamentally correlated to more macro moves as increased economic uncertainty in the world increases.”
OpenLTV CEO, Kirill Bensonoff had agreed to Reinertsen:
“I believe that Bitcoin is becoming a "safe haven" asset similar to gold,”
He adds that he saw a major market downturn the other day, as Bitcoin rallied. Bensonoff believes that the market will be seeing more capital flight to Bitcoin moving forward.
However, other maintain a conservative look at the matter. Keith Hilden, Founder of Relex Capital, believes that Bitcoin's spike may just well be an act of "speculation", given that markets always try to find their equilibrium point.
Hilden had this to say:
“The recent devaluation by China's PBOC has shown the willingness to act in order to normalize external economic pressures impacting its economy, yet the tremors of such a Forex move was felt in equity and currency markets around the world-- with the coming aftershocks yet to have occurred,”
Hilden states further that economic energy expended by way of markets looking to regain equilibrium is not harnessed. He recognizes that it is instead lost to speculation and in turn causes economic flashpoints until everything normalizes again.
Despite varying opinions that seem to tempt the investor to make a move on Bitcoin, it would be advisable to keep their excitement in check and think twice before storing their money in assets with great volatility like Bitcoin.
Safe-haven currencies were on the defensive on Tuesday as hopes of an economic recovery strengthened stock prices. The Pound Sterling was under pressure after British Prime Minister Boris Johnson pledged a “Rooseveltian" boost to public ...
The dollar firmed on Friday as investors cautioned against a surge in new coronavirus cases amid re-opening economies, strengthening the demand for safe-haven currencies. The dollar index traded at 97.360. The dollar rose 0.5% overnight ...
The dollar hit a two-week high against major currencies on Tuesday amid rising U.S. bond yields and a higher demand for safe haven. This came after reports of new infections threatened a possible second coronavirus wave. The Australian dollar ...
Gold prices carried gains well from the previous session and regained its status as a safe-haven commodity as the COVID-19 pandemic continues to disrupt global economy. Gold Futures reached record levels on Monday and rose by 0.35% to $1,797.6 ...
The dollar rose on Wednesday as the market turned to safe-havens, reversing risk currency gains after investors hoped the crisis in Europe and New York was slowing down. The dollar gained against major currencies except for the safe-haven ...
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