Media: Data show that Bitcoin is clearly not a safe-haven asset

According to The Block, Bitcoin is clearly unable to act as a safe-haven asset in the sell-off caused by the new coronavirus. The bond market and global growth in the second quarter are likely to shrink sharply, leading many to expect the Fed to step in and cut interest rates, leading some to believe it is good for Bitcoin. But in 2019, The Block found that Bitcoin's returns have not been significantly positively affected during the 1 week, 1 month, and 3 months after the interest rate reduction. More than 57 observations since 2013 show that at least 2/3 of the safe-haven assets (gold, yen, U.S. Treasury bonds) have excess returns every day, and in these days, about 20% of the observations Shows that Bitcoin's daily earnings have experienced huge fluctuations. If it is necessary to say that Bitcoin has any hedging characteristics, it can only be said that the role of Bitcoin as a safe-haven asset has weakened because Bitcoin has the same performance as other safe-haven assets, 80% of which occurred in 2018 Years ago.