That Bitcoin does not serve as a safe haven became clear last Friday at the latest: When the stock markets crashed in fear of the new Coronavirus variant Omikron, they took the digital currency with them on their way down. The ability to easily cushion stock market selloffs? Nothing.
It is precisely the narrative of the “safe haven” that many crypto advocates like to use. And of course that falls on open ears when the global political situation and the stock markets spread a feeling of uncertainty.
The situation is similar with the supposed property of the cryptocurrency to protect against inflation. The argument: As with gold, the number of Bitcoin that can be mined is limited and the supply is therefore finite – while state central banks can reprint any money.
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