Bitcoin has failed to act as a safe haven from geopolitical risks, according to Standard Chartered.The bank said in a note to clients on Monday that Bitcoin's correlation with traditional risk assets such as stocks and commodities has increased in recent months. This means that Bitcoin is now more likely to move in the same direction as these assets, rather than acting as a hedge against them.Standard Chartered said that this is likely due to the fact that Bitcoin is increasingly being seen as a mainstream asset class. As a result, it is more likely to be affected by the same factors that affect other assets, such as geopolitical risks.The bank said that this does not mean that Bitcoin is not a good investment. However, it does mean that investors should be aware of the risks involved.Standard Chartered said that it still recommends buying the dip in Bitcoin. The bank said that Bitcoin is still a long-term growth asset and that the current sell-off is a buying opportunity.The bank said that it expects Bitcoin to reach $100,000 by the end of the year.
Bitcoin's correlation with traditional risk assets
Bitcoin's correlation with traditional risk assets has increased in recent months. This means that Bitcoin is now more likely to move in the same direction as these assets, rather than acting as a hedge against them.This is likely due to the fact that Bitcoin is increasingly being seen as a mainstream asset class. As a result, it is more likely to be affected by the same factors that affect other assets, such as geopolitical risks.Standard Chartered's recommendation
Standard Chartered said that it still recommends buying the dip in Bitcoin. The bank said that Bitcoin is still a long-term growth asset and that the current sell-off is a buying opportunity.The bank said that it expects Bitcoin to reach $100,000 by the end of the year.