Bitcoin began. This market downturn provides a timely test of the frequently expounded safe
haven properties of Bitcoin. In this paper, we show that Bitcoin does not act as a safe haven,
instead decreasing in price in lockstep with the S&P 500 as the crisis develops. When held
alongside the S&P 500, even a small allocation to Bitcoin substantially increases portfolio
downside risk. Our empirical findings cast doubt on the ability of Bitcoin to provide shelter …