Bitcoin could once more be viewed by investors as a safe haven thanks to recent market activity, according to Bank of America analysts. Alkesh Shah and Andrew Moss of Bank of America Securities (BofAS) said in a recent report that the world’s largest cryptocurrency now had a high correlation with gold prices, suggesting it is being used as a hedge against wider market uncertainty. A safe-haven asset is one that is expected to protect portfolios during an economic downturn as they may be uncorrelated or negatively correlated to the broader economy. Gold is a primary example of a safe-haven a ...
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