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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Here’s Why the Binance CEO is Skeptical About Bitcoin’s “Safe Haven” Status

Cole Petersen
Cole Petersen
1 year ago
2 mins read
Bitcoin

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Many believe that the next catalyst for Bitcoin’s growth will be its positioning as a “safe haven” asset that investors turn to protect their capital from shrinking due to inflation and economic turbulence.

Although there’s no doubt that Bitcoin is fundamentally positioned to fit this role, it remains somewhat unclear as to whether or not it will fare well against a backdrop of an economic downtrend.

In early-March, when the stock market saw a sharp selloff that spooked investors, Bitcoin’s price declined from highs of over $8,000 to lows of $3,800.

Now, the CEO of one of the world’s largest cryptocurrency exchanges is noting that he doesn’t believe that the benchmark cryptocurrency is quite ready to trade like a true safe haven asset.

He believes that it may take quite some time before it fits this definition and that it may be exposed to significant near-term downside if the stock market starts declining.

Binance CEO: Bitcoin Not Ready to Be a Safe Haven Asset

In a recent interview with Bloomberg, the head of Binance – the largest cryptocurrency exchanges in the world – explained that Bitcoin still has a ways to go before it can become a true safe haven asset.

While explaining his reasoning, Changpeng “CZ” Zhao noted that the size of the stock market makes its influence far-reaching and pervasive – even over the nascent crypto market.

With that being said, he notes that a stock market decline will lead investors to look for other sources of cash, which could mean selling Bitcoin and other digital assets.

“The stock market is probably a thousand times bigger than the crypto market… When [it] goes down, and a lot of people are losing a lot of money, many of those people who have crypto investments will want to convert those investments into cash. It has a drag down effect on asset classes, pulling them down,” he noted.

BTC’s Safe Haven Properties Will Emerge Overtime, CZ Claims

In the interview, CZ further added that he believes Bitcoin will ultimately transform into a safe haven asset, but that it may take some time for this to happen.

“People should not take the description of bitcoin as a safe haven asset too literally… With so much fiat flowing around, the safe haven properties of bitcoin will come through over time,” he added.

Because BTC boasts a fixed supply and is one of the few deflationary assets in existence, it may one day be treated by investors as a viable competitor to gold.

Featured image from Unplash.
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Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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