Post
Topic
Board Bitcoin Discussion
Re: In times of turmoil, is Bitcoin really a safe-haven asset?
by
bithisach
on 12/03/2020, 20:54:47 UTC
I've seen how mainstream events like the coronavirus "COVID-19" and the downfall of the stock market, has negatively impacted Bitcoin's price across the crypto market. For a cryptocurrency that's been hailed as a safe-haven against traditional Fiat, it's been doing otherwise. Gold has been performing better than Bitcoin and other cryptocurrencies combined. It's odd to see something like this happening today since Bitcoin is a decentralized cryptocurrency. This should make it "immune" from real-world events whatsoever. Bitcoin's latest decline in price has shown us that the cryptocurrency is still linked to mainstream events. It's probably because Bitcoin is often traded on centralized exchanges than decentralized ones. As long as it stays that way, Bitcoin will never be able to become a "safe-haven" asset in times of turmoil. Or am I wrong?

What are your thoughts? Huh

While it's hard to deny that the current bitcoin price took a big hit, I don't think that the point is not for it to be just a safe haven, if we consider it like that then not only this event but many others could easily wipe out bitcoin from existance, again, under that premise. Now, when I talk to people about bitcoin they all usually refer to it as however many they have, or what's the position as in why they sold and whether they'll buy back, you see, when I need a certain currency I go to a trading house, go, get my euro or my pounds or whatever but if somebody ever asks whether I have some I'd probably go "sure I haven't changed the last few bucks I didn't spend", with bitcoin it's never like this, people see bitcoin as something they can store value on, some people sell because they need money in x amount of time and have a set sell price in their mind and I respect it, people buying euros or pounds don't worry too much about whether to sell and buy back, it's just not heard of.