South Korean professor believes bitcoin is not a "safe haven"
On June 11, South Korean experts announced through local media that cryptocurrencies were a "bad choice" for safe assets during the crisis.
According to The Scoop, professor Hong Ki-hoon of the University of Hongik said that cryptocurrencies like Bitcoin (BTC) should not be considered a safe haven on the same level as gold, dollar or even US Treasury bonds. It does not deny, however, that the volatility in the financial markets is causing more and more money to accumulate in the market.
Hong Ki-hoon, professor of Hongik University's Department of Business Administration, said:
"For an asset to be a safe haven, it must meet two conditions. First, the volatility must be low, and second, when market volatility is expected to increase, this value should increase. This is why cryptocurrencies cannot be a safe haven as they do not meet these conditions ".