Quick TakeAmidst coronavirus-driven sell-off, Bitcoin clearly not acting as a safe havenThe bond market and the possibility of global growth contracting significantly in the 2Q has many expecting the Fed to step in and cut rates — causing some to suggest this is favorable for bitcoinIn 2019, The Block found no discernible positive impact on the returns of bitcoin when rates were cut, over a 1-week, 1-month, 3-month return lagSince 2013, we found over 57 observations where at least 2/3 of a haven asset basket (gold, yen, U.S. Treasuries) saw a daily outsized returnAmong those days, bitcoin also saw an outsized daily move on ~20% of those observationsIf anything, bitcoin is acting less as a haven asset, as 80% of shared outsized moves with other havens have come before 2018
