Publication detail

Nedved, M. & Kristoufek, L.: Safe havens for Bitcoin

Author(s): prof. PhDr. Ladislav Krištoufek Ph.D., Nedvěd, Martin
Type: Articles in journals with impact factor
Year: 2023
Number: 0
ISSN / ISBN:
Published in: Finance Research Letters 51:103436 PDF
Publishing place:
Keywords: cryptoassets, Bitcoin, safe haven, gold
JEL codes:
Suggested Citation:
Abstract: We examine whether gold, crude oil, and stock markets could serve as safe havens for Bitcoin. As an investor into cryptoassets faces high risk when holding for longer periods and might be interested in diversifying and hedging outside of cryptoassets, these traditional assets might be of interest. We find that Bitcoin moves together with the stock markets but oil and gold can serve as safe havens. Specifically gold is identified as a strong safe haven for Bitcoin. In addition, we describe the evolution of the stocks--Bitcoin nexus which unveils in the safe haven discussion. Our results aim to lay foundations for further discussions into the topic of safe havens for cryptoassets as these are becoming increasingly standard part of investors' portfolios, being it institutional or retail, and thus protection against their extreme movements and diversifications of their risk will play an important role in the investors' decision making.
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