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.
If you ask me,Bitcoin should NOT be a safe heaven asset.Bitcoin should be a fully functional currency used by millions of people in their daily life for purchasing goods and services both online and offline.
Unfortunately,the limited supply+volatile demand or Bitcoin leads to a high price volatility,which makes Bitcoin not very suitable for a functional currency.
We can decide whether or not Bitcoin is a safe heaven asset only after this recession ends,so we could analyze the Bitcoin price during the entire recession.