Gold Is Soaring, Why Isn't 'Digital Gold' Bitcoin Acting as a Safe Haven?
An analysis by Francisco Rodrigues on CoinDesk explores why Bitcoin, often dubbed "digital gold," has not acted as a safe-haven asset during recent market turmoil, unlike traditional gold. While Bitcoin is theoretically designed to be a censorship-resistant "sound money," it has frequently been sold off during periods of uncertainty. For instance, since mid-January, Bitcoin fell 6.6% while gold rose 8.6%, approaching all-time highs.
The key reason cited is Bitcoin’s high liquidity and 24/7 trading, which make it function like an "ATM machine" — investors quickly sell it to raise cash during stress. In contrast, gold’s lower liquidity often leads holders to retain it as a true store of value. Large holders’ behavior also differs: central banks are accumulating gold at record levels, providing structural support, while long-term Bitcoin holders have been selling, creating persistent downward pressure.
The article concludes that Bitcoin and gold serve different hedging purposes. Gold is better for short-term risks like policy shifts or geopolitical tensions, whereas Bitcoin is more suited as a hedge against long-term systemic risks such as currency devaluation or sovereign debt crises. Market perception of risk duration determines which asset serves as the preferred safe haven.
华尔街日报01/27 06:54
