Moneta's Chief Global Market Strategist, Aoifinn Devitt, has challenged the idea that cryptocurrencies are a safe haven asset. Devitt stated that cryptocurrencies like Ethereum are "risk-on" assets rather than stable hedges against market volatility. Devitt emphasized the uncertainty surrounding how cryptocurrencies would perform in a market crash and highlighted the high volatility and risk associated with the asset class. While some see Bitcoin as "digital gold," Devitt remains skeptical and suggested that it may only act as a hedge against fiat currencies. He also noted that demand for fiat currencies, particularly the US dollar, remains strong. Devitt acknowledged that Bitcoin is seen as the first cryptocurrency and is relatively less volatile compared to other digital assets. With the emergence of Bitcoin ETFs, Devitt mentioned that the asset class has become more mainstream and liquid, but he cautioned that it does not equate to safety or a safe haven.



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