The usual safe-haven trades are the only silver linings in an ugly Friday trading session. The iShares Barclays 20+ Yr Treas.Bond (ETF) TLT 0.77% is up 2.7 percent and the SPDR Gold Trust (ETF) GLD 0.41% is up 4.6 percent.
However, another investment alternative may be emerging as the safe haven of the future. The cryptocurrency bitcoin has also surged above $650 on Friday as investors pour money in. It’s strange to think of a currency known for such extreme volatility as a safe haven, but with the pound and other European currencies taking a Brexit pounding, bitcoin buyers are probably more concerned with long-term value preservation than short-term price swings.
“I don’t think it is a traditional safe-haven trade but a strategy to avoid official manipulation,”Swissquote Bank analyst Peter Rosenstreich explained.
Bitcoin offers investors a unique new alternative to all traditional investment classes. Therefore, bad news for global financial markets may start to consistently be…
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