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Article Dans Une Revue Economics Bulletin Année : 2019

Bitcoin: competitor or complement to gold?

Résumé

This study seeks to address whether Bitcoin ever match or even replace gold as a safe haven. To this end, we use a dynamic Markov-switching copula model to test the complementarity and substitutability among Bitcoin and gold within two risk scenarios (i.e., low-and high-risk regimes). Our results reveal a positive and strong correlation between gold and Bitcoin returns coinciding with specific economic and political events. Gold and Bitcoin benefit from the same economic conditions. This suggests that gold and Bitcoin are likely to be complementary, rather than in competition with each other. Gold could act as a diversifier for investors in digital assets. But the Bitcoin have a lot to teach gold in terms of the efficient transfer of value.
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Dates et versions

hal-01994187 , version 1 (25-01-2019)

Identifiants

  • HAL Id : hal-01994187 , version 1

Citer

Jamal Bouoiyour, Refk Selmi, Mark E Wohar. Bitcoin: competitor or complement to gold?. Economics Bulletin, 2019, 39 (1), pp.186-191. ⟨hal-01994187⟩

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