Three weeks ago, as global commodities markets crashed, Bitcoin’s price tumbled more than 40% over the course of a few days. In the face of this collapse, critics derided the flagship cryptocurrency for its apparent inability to hold its value in a crisis. In response, analysts are now presenting data demonstrating that Bitcoin has, in fact, been a stronger safe-haven asset than stocks and gold.
Bitcoin Has Held Up Well During The Current Crisis
Analyst Willy Woo has posted a chart comparing the performance of the S&P 500, gold, and Bitcoin over the past five years. Whereas BTC’s remarkable rise in value during this time is well-known, this comparison reveals that the cryptocurrency’s recent drop in value is vastly less significant during this time frame.
Woo has tweeted:
Visualising what a 50% pull back in BTC price looks…
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