Bitcoin’s Safe Haven Status Uncertain Amidst Recent Market Trends

Recent market shifts have cast uncertainty on Bitcoin’s position as a safe haven asset. While the U.S. Treasury bond market experienced significant sell-offs, Bitcoin notably demonstrated resilience against falling U.S. stocks and the dollar in recent weeks, according to PANews. However, Nationwide Financial’s Chief Market Strategist, Mark Hackett, remains cautious. He emphasizes that gold has historically held a stronger defensive value compared to Bitcoin’s risk-driven nature. While Bitcoin’s current trajectory is worth observing, Hackett believes it’s premature to declare it a reliable store of value just yet.