In acknowledging the ability of Bitcoin (BTC) to hedge stock market risk, some economists and researchers refer to Bitcoin as “digital gold.” Some studies argue that Bitcoin is exposed to tail-risk only within the crypto markets, but it is not exposed to tail-risk with respect to other asset markets, such as equity markets or gold. However, the recent COVID-19 outbreak is a tail-risk event — or what Nassim Taleb refers to as a so-called “Black Swan” because it is an outlier — and it carries an extreme and consequential impact.
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Source: Cryptocurrency - investing.com
