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.
No Not at all bitcoin can't be said a safe haven asset. Yes there is one thing that I feel that in times of uncertainty in stock markets bitcoin does shows some stability and even some upward movement so if you are looking for short term safe heaven then yes bitcoin can be used as an option. Otherwise yes it is purely a speculative risk asset. It has a great underlying blockchain but today that blockchain really isn't worth the market capitalization bitcoin is carrying. But yes at time of a global recession I think it's price will definitely move upwards. But yes here I would highlight another major question. Is there any
Safe heaven asset anywhere at all? I mean bank fixed deposit can get doomed if banks shut down while crude oil which was once considered a safe heaven has seen rock bottom. I feel that even gold would suffer a similar fate.