Bitcoin and the Demise of the “Digital Safe Haven” Narrative

From cityindex.co.uk

There’s no shortage of market narratives that have collapsed over the last two months, but for cryptocurrency traders, the implosion of the “bitcoin as a digital safe haven” meme may be the most significant. Like just about every other major asset, with the possible exception of US treasury bonds, traders dumped digital currencies relentlessly earlier this month in a mad dash to raise cash (specifically US dollars) from any liquid asset. At least when it comes to “The Great Cessation” of economic activity as countries across the globe shutter in unison, Bitcoin has served as a poor store of value in recent ... (full story)