RATE Group | Bitcoin can still be a safe haven, experts say
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Bitcoin can still be a safe haven, experts say

10 Mar Bitcoin can still be a safe haven, experts say

Posted at 04:36h in Bitcoin News by

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In brief

  • Bitcoin was born as a safe haven but collapsed in line with legacy markets this week.
  • Analysts say that was to be expected—safe havens arise after a crisis, not during one.
  • Crypto actually fared pretty well and could become a beacon in a storm as things settle down a bit.

Bitcoin was born 12 years ago at the height of the last global financial panic, and was positioned as a safe haven from the machinations of centralized banks. Indeed, its inventor, Satoshi Nakamoto, posted in its genesis block a newspaper headline about the British government being poised to bailout the banks a second time. 

So now would seem to be a pretty good test of Nakamoto’s marvelous monetary machine. How’s it doing?

If the events of the past few days are any indicator, not well at all. Cryptocurrencies including Bitcoin and Ethereum, have plummeted in line with the world’s stock markets. The industry saw a $26 billion loss in 24 hours, with nearly all cryptocurrencies experiencing…

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