<abstract xmlns="http://www.w3.org/1999/xhtml">

<p>Numerous turbulent events in the recent past have raised the issue of an asset that could play the role of safe haven. Although for many years it was considered that gold has the role of a safe haven, an increasing number of recent works challenge such a point of view. The emergence of cryptocurrencies after the Global financial crisis has opened up numerous questions, one of them being whether cryptocurrencies, as an asset (money) independent of governments, can play the role of safe haven. Therefore, the paper examines whether gold and bitcoin, the latter as the best representative of crypto-currencies, can play the role of safe haven in relation to European indices. In the paper, this hypothesis was confirmed for gold and rejected for bitcoin.</p>
</abstract>

Numerous turbulent events in the recent past have raised the issue of an asset that could play the role of safe haven. Although for many years it was considered that gold has the role of a safe haven, an increasing number of recent works challenge such a point of view. The emergence of cryptocurrencies after the Global financial crisis has opened up numerous questions, one of them being whether cryptocurrencies, as an asset (money) independent of governments, can play the role of safe haven. Therefore, the paper examines whether gold and bitcoin, the latter as the best representative of crypto-currencies, can play the role of safe haven in relation to European indices. In the paper, this hypothesis was confirmed for gold and rejected for bitcoin.

Are Gold and Bitcoin a Safe Haven for European Indices?

Central Bank of Montenegro and University of Belgrade

Journal of Central Banking Theory and Practice

This work is licensed under the Creative Commons Attribution 4.0 International License.

{"article-title":"Are Gold and Bitcoin a Safe Haven for European Indices?"}

Numerous turbulent events in the recent past have raised the issue of an asset that could play the role of safe haven. Although for many years it was...

Are Gold and Bitcoin a Safe Haven for European Indices?

Published Online: Jan 19, 2023

Page range: 27 - 44

Received: Apr 05, 2022

Accepted: Aug 12, 2022

DOI: https://doi.org/10.2478/jcbtp-2023-0002

Keywords
Safe Haven, Gold, Bitcoin, European indices

© 2023 Nikola Fabris et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Are Gold and Bitcoin a Safe Haven for European Indices?

Published Online: Jan 19, 2023

Page range: 27 - 44

Received: Apr 05, 2022

Accepted: Aug 12, 2022

DOI: https://doi.org/10.2478/jcbtp-2023-0002

KeywordsSafe Haven, Gold, Bitcoin, European indices

© 2023 Nikola Fabris et al., published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.

Keywords
Safe Haven, Gold, Bitcoin, European indices