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Bitcoin’s Digital Gold Luster Fades as Customary Havens Win Out

  • Bitcoin falls along with risk assets as Russia invades Ukraine
  • Gold has rallied in 2022 while Bitcoin has tumbled almost 50%
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Crypto Tumbles on Russia Incursion
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Bitcoin is falling while gold is rising as investors seek traditional refuges amid the turmoil in Ukraine, undercutting the often-touted argument from advocates that the cryptocurrency is now a digital version of the long-time haven asset.   

“Bitcoin is much more of a momentum and risk-driven asset than it is the independent store of value that people want it to become, it’s not there yet,” said Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter.