Year
2025
Abstract
This research investigated the effectiveness of gold, WTI, 5-year government bonds and Bitcoin as a safe haven asset. The analysis included 10 stock indices of countries with the highest crypto adoption rate. We applied quantile regression method processed to evaluate the relationship across different points of the return distribution. The findings revealed that 5-year government bonds show more negative correlation with the stock indices which imply that government bonds have better potential as safe haven assets compared to gold, WTI, and Bitcoin during the 2020-2024 period. This finding offered guidance for investors in these countries to construct the optimal portfolio during uncertain times.
Keywords:
Safe Haven, Gold, WTI, Government Bond, Bitcoin
Recommended Citation
Sutanto Simaremare, William Smith Abdiel; Riawan, Dzakwansyah Torana; Fadillah, Muhammad Ikhwan; Hamid, Agustini; and Hapsari, Yudith Dyah, "Safe Haven Assets Analysis for Stock Indices of Countries with the Highest Crypto Adoption Rate" (2026). International Conference on Business and Management Research (ICBMR). 2.
https://scholarhub.ui.ac.id/icbmr/2025/1/2
Included in
Safe Haven Assets Analysis for Stock Indices of Countries with the Highest Crypto Adoption Rate
This research investigated the effectiveness of gold, WTI, 5-year government bonds and Bitcoin as a safe haven asset. The analysis included 10 stock indices of countries with the highest crypto adoption rate. We applied quantile regression method processed to evaluate the relationship across different points of the return distribution. The findings revealed that 5-year government bonds show more negative correlation with the stock indices which imply that government bonds have better potential as safe haven assets compared to gold, WTI, and Bitcoin during the 2020-2024 period. This finding offered guidance for investors in these countries to construct the optimal portfolio during uncertain times.