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Safe havens for Bitcoin

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    0583788 - ÚTIA 2024 RIV US eng J - Journal Article
    Nedvěd, M. - Krištoufek, Ladislav
    Safe havens for Bitcoin.
    Finance Research Letters. Roč. 51, č. 1 (2023), č. článku 103436. ISSN 1544-6123. E-ISSN 1544-6131
    R&D Projects: GA ČR GA20-17295S
    Institutional support: RVO:67985556
    Keywords : Cryptoassets * Bitcoin * Safe haven * Gold
    OECD category: Finance
    Impact factor: 10.4, year: 2022
    Method of publishing: Limited access
    http://library.utia.cas.cz/separaty/2024/E/kristoufek-0583788.pdf https://www.sciencedirect.com/science/article/pii/S1544612322006134?via%3Dihub

    We examine whether gold, crude oil, and stock markets could serve as safe havens for Bitcoin. As an investor into cryptoassets faces high risk when holding for longer periods and might be interested in diversifying and hedging outside of cryptoassets, these traditional assets might be of interest. We find that Bitcoin moves together with the stock markets but oil and gold can serve as safe havens. Specifically gold is identified as a strong safe haven for Bitcoin. In addition, we describe the evolution of the stocks–Bitcoin nexus which unveils in the safe haven discussion. Our results aim to lay foundations for further discussions into the topic of safe havens for cryptoassets as these are becoming increasingly standard part of investors’ portfolios, being it institutional or retail, and thus protection against their extreme movements and diversifications of their risk will play an important role in the investors’ decision making.
    Permanent Link: https://hdl.handle.net/11104/0352121

     
     
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