Cryptocurrencies are not a safe-haven, says World Gold Council
While cryptocurrencies may have a role to play in financial markets, the World Gold Council (WGC) believes their “behaviour” in an environment of market uncertainty underscores that cryptocurrencies are “not a viable substitute for gold as a safe-haven”. During the fourth quarter of 2018, cryptocurrencies had a prime opportunity to demonstrate qualities associated with safe havens like gold. However, the WGC warns that cryptocurrencies, such as bitcoin, behaved more like risky assets during the period, which fell while gold rallied.