American economist: Sino-US trade war escalates, bitcoin is not the safe choice

According to The Block, the US economy has shown signs of weakness in recent years. Since the beginning of August, the stock market has fallen more than 4% since the Sino-US trade war escalated. The problem of economic recession has become more prominent. The weak dollar and the worsening economic environment have led investors, especially outside the United States. Investors have fled risk assets and sought more stable safe-haven assets. It is generally believed that these investors will flock to new cryptocurrencies dominated by bitcoin to seek safe haven. However, American economist Matthew Luzzetti believes that Bitcoin is too volatile, leading to a sell-off in the market environment, but to a more stable government bond, gold and yen.