Bitcoin appears to act as ‘safe haven’ asset

Bitcoin’s rally on Friday adds credence to the theory that the flagship cryptocurrency has joined the “safe haven” group of assets traditionally epitomised by gold. 

The digital currency, known for its volatility, surged 6.7% to R160,968 on Friday, according to prices quoted on Naspers-backed exchange Luno. Bitcoin has been gradually recovering since crashing from a record high of R264,825 in December 2017.