Analysis: Gold demand soared for three consecutive months, bitcoin "safe haven" asset status was questioned

According to The Block, gold demand has soared for three consecutive months due to the Sino-US trade war and the impact of central bank interest rate cuts. Bloomberg reported on Monday that gold holdings in August increased by 101.9 tons after a cumulative increase of 154.1 tons of gold in June and July. The total amount of gold assets currently known is 2453.4 tons. Since the beginning of this year, gold prices have risen by 19% to around $1,520 per ounce. It is reported that investors have been shunning high-risk assets and turning to safer assets such as gold. Interestingly, bitcoin enthusiasts insist that Bitcoin is a “safe haven” asset. But according to previous news, The Block analyst Ryan Todd's analysis shows that this is not the case. In the past five years, the average annual volatility of Bitcoin for 30 days was 12.4%, while the volatility of gold was only 2.5%.