“The performance of BTC over the last five days would suggest it is a risk-on asset, not risk-off,” explained Jon Deane, chief executive of physical commodity digitization firm Infinigold, in an email to Finance Magnates.
Deane compared the price of Bitcoin to the price of gold: “when people talk about gold, they generally consider it to be a risk-off asset, as over time it has been negatively correlated to the performance of global equities, and thus viewed as a safe haven.” Still, although Deane himself believes that “BTC is a store of value,” the rest of the world doesn’t seem to view it that way: “Bitcoin doesn’t yet have the scale or the institutional adoption to truly prove this,” he said.
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