Bitcoin Disappoints As ‘Safe Haven’ Asset Amid Coronavirus Meltdown

Posted by Alex Kimani

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Any safe haven asset worth its salt is supposed to rise and shine when all hell breaks loose in the financial markets, providing an escape hatch from market turmoil. Going by that criterion alone, bitcoin and the crypto markets have failed investors miserably during the ongoing COVID-19 crisis.

Last month’s epic collapse by bitcoin and the rest of the crypto universe eclipsed the equity markets selloff and seriously undercut crypto’s safe haven credentials. Instead of buying more bitcoin as cities and entire countries went into total lockdown, the coronavirus outbreak just proved how much people value cash–and toilet paper.

Investors rushed to liquidate their financial assets–including cryptocurrencies– en masse and stockpiled on huge rolls, leading to bitcoin crashing 60% in a matter of weeks and #toiletpapergate and #toiletpapercrisis suddenly trending on social media…CLICK for complete article