Bitcoin is often thought of as digital gold. However, one of the primary characteristics of gold is it’s a safe haven asset, which means during times of economic crisis investors flock to gold and the price of gold increases. Indeed, the price of gold has risen from USD 1,200 to USD 1,500 over the past year, simultaneous with the start of a global economic recession.

Although Bitcoin is thought of as digital gold, the data shows that Bitcoin is uncorrelated with gold’s price, and therefore Bitcoin is not a safe haven asset. There are some signs however that Bitcoin’s price increases when the CNY weakens versus the USD, making it possible that if the Chinese economy experiences problems in the future then Bitcoin may rally.

Essentially, at this point, Bitcoin is too volatile to be a true safe haven asset, which is why investors prefer gold and bonds as safe havens since they have much lower volatility. That being said, Bitcoin has yet to experience a true global economic crisis. Indeed, Bitcoin launched in 2009, just after the 2008 Great Recession, and since that time the global economy has generally been strong. It is possible that Bitcoin could become a safe haven asset when the next global economic crisis happens. is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

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