Safe haven or risky hazard? Bitcoin during the Covid-19 bear market.
Financ Res Lett
; 35: 101607, 2020 Jul.
Article
em En
| MEDLINE
| ID: mdl-32550843
ABSTRACT
The Covid-19 bear market presents the first acute market losses since active trading of Bitcoin began. This market downturn provides a timely test of the frequently expounded safe haven properties of Bitcoin. In this paper, we show that Bitcoin does not act as a safe haven, instead decreasing in price in lockstep with the S&P 500 as the crisis develops. When held alongside the S&P 500, even a small allocation to Bitcoin substantially increases portfolio downside risk. Our empirical findings cast doubt on the ability of Bitcoin to provide shelter from turbulence in traditional markets.
Texto completo:
1
Coleções:
01-internacional
Base de dados:
MEDLINE
Tipo de estudo:
Etiology_studies
/
Risk_factors_studies
Idioma:
En
Revista:
Financ Res Lett
Ano de publicação:
2020
Tipo de documento:
Article
País de afiliação:
Irlanda