Bitcoin will never be able to become a "safe-haven" asset in times of turmoil. Or am I wrong?
In order for bitcoin to become a safe haven, it should become mainstream money, not less than 1% of people's money.
It was a bit of a surprise for me too that bitcoin price dropped so much. The I realized, that such a big fall was caused by investors, not by true believers and long-term hodlers.
There are big investors who has a small bitcoin holding in their portfolio. Small for them, but relatively big for bitcoin market. When the stock market started to fall fast, bitcoin was the first one to be sold as a very risky asset in their eyes.
Bitcoin may become a safe haven in more years to come, but not till it reaches several trillion marketcap, I presume.
Please notice, that gold price also dropped when market panicked. Probably, this is because some people saw the investment opportunities in oversold assets and liquidated some gold positions.