Bitcoin evangelist has always attributed Bitcoin to be a safe-haven asset, while extreme fanatics believe that Bitcoin is far better than gold. Bitcoin was born in the wake of the 2008 financial crash as a libertarian currency and as an instrument that could help cushion the event of a future financial crisis.
Since Bitcoin is purely a speculative risk asset, many people have doubted its position as a purported safe-haven asset, I am not one of them anyways. However, since Bitcoin hasn't witnessed a global recession yet, I feel Bitcoin hasn't sufficiently defended its narrative as a safe-haven asset.
As the possibility of a global recession intensifies, what's your take on the possible performance of Bitcoin? will it go down with the traditional market or will it defend its name? I am very much interested to know.
Not every Bitcoin enthusiast would agree Bitcoin is a safe haven. Some consider Bitcoin as money, some consider it a risky but potentially profitable investment, many just use it for trading. It's also hard to say what qualifies as a good safe haven. For instance, when Bitcoin dropped in the middle of March, Antonopoulos said Bitcoin's not a safe haven at all and that he's been saying it before. However, just in June there've been discussions that Bitcoin is the best performing asset of 2020, given the situation, so maybe it's not such a bad safe haven after all, albeit an unstable one. My view is that gold is more stable and is probably better if the person's purpose is to keep wealth safe rather than risk but have a chance of making this wealth more significant.