In the early days of bitcoin, from 2014 to late 2017, there were “extended periods” when it behaved like a safe-haven asset, rising when stocks were falling – hence, the digital gold view which sees bitcoin as a protection against a financial system meltdown.
If you woke up in a year’s time and saw bitcoin had quadrupled to $200,000, it would suggest stocks have also gained, says Haghani.