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Mike Novogratz: Bitcoin is no longer a refuge

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Mike Novogratz has always tried to explain that he has had the opportunity that Bitcoin (BTC); the first cryptocurrency of all is not a safe haven, the “Safe Haven” That it was a few years ago.

First thing’s first; for those readers who do not know that it is a safe haven in the world of finance. It is only one type of investment (in any asset class); that its value is expected to remain; and even increase during turbulent times in the international market.

Novogratz in his most recent Tweet has told all his followers that investors tend to eliminate any kind of leverage; and withdraw its assets during the large foreseeable storms in the market; and it is precisely what is happening in BTC, therefore, this reaffirms its opinion on the current situation of Bitcoin.

, Mike Novogratz: Bitcoin is no longer a refuge, Forex-News, Forex-News

Bitcoin is no longer a hedge asset

The global stock market is currently going through a very bad time. Especially the Asian and American markets.

Regarding the United States index 🇺🇸. This has experienced the worst week since the financial crisis of 2007 and 2008; So it can boast the panic it has generated among traditional investors.

It is here when following the line of many experts that Bitcoin is not correlated with the traditional market; and that this also serves as a refuge before the moments of crisis of humanity collapse.

Global markets; be it for the coronavirus 🦠, or whatever reason; They are affected by a bearish sentiment that has erased billions of dollars from the world economy in a matter of days. And in the meantime, BTC has not served as a store of value.

In fact, the world’s first crypto had even worse behavior than any other traditional asset in these two weeks. Although, we must express that it is still the best investment in recent years.

The gold either?

This behavior reaffirms the claims of Mike Novogratz. But, a great argument against the claims of the CEO of Galaxy Digital is that the “Safe Shelter” by definition over the course of human history; gold; He has also had a negative behavior.

This fall of gold has represented a surprise for own and strangers. Well, it is an almost universal consensus that gold emerges in times of international crisis where stock indices normally collapse.

What has awakened the chaos even more within the world market is that, like the prelude to the crisis of 2008, investors rushed to get rid of their positions in gold; and in the end, bonuses and cash turned out to be the true safe haven. So you have to keep an eye on the forex market; and to bonuses and see imitative behavior.





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