Opinion: Bitcoin has become a “safe haven” amid growing economic uncertainty

Chris Reinertsen, marketing director for Rhythm Technologies, has joined experts who consider bitcoin to be one of the safeguards against risks associated with growing global uncertainty in traditional financial markets. The fact that the first cryptocurrency became a refuge for investors, he said in a conversation with Forbes.

So, Reinertsen noted that more and more investors began to include bitcoin in their portfolios along with US Treasury securities, gold and Swiss franc – assets that are traditionally considered safe in times of economic and political instability.

“The devaluation of the Chinese yuan reached an 11-year low against the dollar. In all areas, there is an outflow of capital into safe assets, which now also includes bitcoin. Over the past few years, we have seen a trend towards a growing correlation of bitcoin with events occurring at the macroeconomic level as uncertainty in the world grows, ”said Reinertsen.

Nevertheless, not everyone agrees with this statement. So, the strategist of the investment bank BMO Capital Markets, Brian Belsky, said in a conversation with CNN Business that it is too early to rank bitcoin as a safe asset because of its high volatility.

 

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