In a recent tweet, Peter Schiff stated that according to him bitcoin has failed once again the test to be considered a safe-haven asset.
“On Friday, as escalating trade tensions sent global stock markets plunging, investors sought refuge in monetary safe havens. The Japanese yen, Swiss franc, and especially gold all moved higher. Yet Bitcoin plunged by more than stocks!”
In fact, the price of bitcoin has fallen considerably in recent days, precisely at a time when the stock market has also fallen sharply. In contrast, the price of gold has not fallen significantly, neither has the yen and the franc.
The tweet by Schiff, a well-known supporter of gold as the leading safe-haven asset, was published on August 29th and triggered many reactions. According to the President of SchiffGold, bitcoin would not be a useful choice when trying to cover the risks of falls in traditional financial markets.
Recently, however, several hypotheses have been put forward as to whether the trend in the price of bitcoin was inversely proportional to that of traditional financial markets and whether it could be considered a safe haven.
In particular, it was precisely the fact that for a few months now, the price of bitcoin had always been above 9,000 dollars, while the stock markets seemed to be in trouble, which allowed some analysts to hypothesise that BTC could now be considered a safe haven asset.
To tell the truth, even the collapse of recent days has not brought the price below $9,000, although this move appears not to have occurred at the same time as the decline in stock markets.
In any case, the hypothesis of bitcoin as a safe haven now seems to have weakened, although there are those who accuse Schiff of not having understood that bitcoin has never really been considered as such.