Cryptocurrency, a safe haven?

The Indicator from Planet Money

NPR

Business

4.7 • 9.2K Ratings

🗓️ 8 March 2022

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Safe-haven assets like U.S. government bonds and gold are seeing heightened interest from investors due to the uncertainty caused by the Russian invasion of Ukraine. So why are volatile cryptocurrencies also attracting attention?

Transcript

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0:00.0	NPR.
0:12.0	This is the Indiegated from Planet Money, I'm Darien Woods.
0:14.7	And I'm Paddy Hirsch.
0:15.7	When it comes to the markets, the war in Ukraine has played out in some predictable ways.
0:20.7	Stock and commodities markets have been thrown into turmoil and investors have rushed to
0:24.6	put their money into safe havens.
0:26.5	US government bonds, the US dollar and gold.
0:29.7	These things have all surged in value over the last couple of weeks, so far so normal.
0:34.4	But they've been joined by a new asset that doesn't usually come with the label Safe Haven
0:39.6	Cryptocurrency.
0:40.6	There has been a recent rise in investments when it comes to cryptocurrency.
0:44.2	Bitcoin is really on the global stage right now.
0:46.8	Exchanges are seen as surge in demand out of Russia and Ukraine as well.
0:50.4	Time, though.
0:51.4	Can anything slow down the surge we have seen in Bitcoin?
0:54.6	OK, Rooney.
0:55.6	Russia invaded Ukraine.
0:57.0	Digital currencies jumped in value.
0:59.4	This rise was led by Bitcoin, followed by other cryptocurrencies like Ethereum and Solana.
1:04.8	And you might be asking yourself, what on earth is going on here?
1:07.6	Why has cryptocurrency an extremely volatile asset and is detached from the financial system
1:13.0	and is essentially entirely speculative?
	...

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