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Bitcoin, The new safe haven?

Discussion in 'Bitcoin Forum' started by Denis, Aug 21, 2017.

  1. Denis

    Denis New Member

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    I couldn't help but wonder how the bitcoin will react to a stock market crash. Will it be a refuge or it will sink likewise?
     
  2. anotherdevilsadvocate

    anotherdevilsadvocate Well-Known Member

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    I don't think it would follow a stock market crash. Stock crashes have the element of people selling stocks to get their money out of investments. Bitcoin is a currency, so people wouldn't sell it off just to change it to dollars (assuming Americans).
     
    Anny.M likes this.
  3. michaelbronislav

    michaelbronislav New Member

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    Bitcoin is considered a very volatile asset, but is generally not correlated with other market, making Bitcoin a useful place to invest when other financial markets are down in the market.
     
  4. Anny.M

    Anny.M New Member

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    Agree with you.
     
  5. Gambit

    Gambit Active Member

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    Main problem right now is lack of security.
    IT security is a real-world issue, not just for bitcoin but within any industry that uses technology. You only have to do a quick Google search for recent hackings of large global companies to see that any company is open to security issues regardless of size or industry.
    Cryptomarketit differs from the stock market, I think bitcoin going to be a life jacket during a crisis.(when the stock market crash)
     
  6. StockJock-e

    StockJock-e Brew Master
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    Ill tell you why bitcoin may suffer if the market crashes.

    I know people with huge profits sitting in bitcoin, if the market drops and they want to switch to some safer investments which are now on sale, they will sell bitcoin and shift funds into equities.

    Bitcoin trades like a penny stock, the only reason people keep piling into it here is because it keeps going up, reinforcing the group think that you can't go wrong with bitcoin because its going up and is therefor safe.

    Everybody here with any experience in volatile trading knows exactly what the outcome of this group think will be.
     
    JoyceNYC008, Timbo and T0rm3nted like this.
  7. Gambit

    Gambit Active Member

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  8. StockJock-e

    StockJock-e Brew Master
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    Ive been having more and more bitcoin discussions with people who have never had interest in it before.

    Im not one to be calling tops in bitcoin just yet, but the fact that previously uninterested individuals are seriously looking at it makes me feel this reaching the final stages.
     
  9. Timbo

    Timbo Active Member

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    Bitcoin, the new safe haven?

    The answer to the title is NO!!!
    Currently it's a trading instrument that has wild fluctuations. Gold/Silver is still the safe haven asset in my opinion.
     
  10. Jrich

    Jrich Well-Known Member

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    Interesting assumption that the stock market will crash before bitcoin

    I think the general consensus is the vice versa

    Never would be investors are getting the taste of blood in their mouth along with a pumped up fiscal ego from the insain gains falling out of the crypto sky... when that sky finally falls (does anyone think it won't?) does this new class of player fade into irrelevance?.... or do they jump in the ring with the heavyweights?

    I see the miracle-coin craze bringing a lot of fresh fish into the equity markets one day in the not too distant future
     
    T0rm3nted likes this.
  11. T0rm3nted

    T0rm3nted Moderator
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    It's already bringing a lot of fresh fish into the markets. My wife who is an ER nurse worked with another ER nurse who just quit because he was making so much money on Bitcoin. I don't know the guy, and she didn't know what to ask him, so I don't know how long ago he got in, what price he got in at, or how much money he now had/has, but the guy was like 30 years old. I hope for his sake that he banked 7 digits after purchasing years ago and sold out, because if he hadn't, he already lost a lot from the highs that we saw, which is the timeframe my wife told me he quit.

    As always, you can lose the money even faster than you made it.
     
    Jrich likes this.
  12. Timbo

    Timbo Active Member

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  13. Timbo

    Timbo Active Member

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    I will take the opposite side of the fence on this one. I say it hits $50,000 by years end. s-l400.jpg
     
  14. StockJock-e

    StockJock-e Brew Master
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    I hope they keep the position open, he may be back in 6 months looking for his job!
     
  15. T0rm3nted

    T0rm3nted Moderator
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    That's why I would have liked to have a conversation with him. Not quite sure how much he made, how much he still has invested, etc.

    But for my wife's sake, and the other ER nurses, I hope they fill it quick. They're very understaffed, like most hospitals.
     

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