Classic ‘safe havens’ gold and silver are trading at record prices, will Bitcoin follow suit?

With precious metals gold and silver hitting new record prices, Peter Schiff (one of the best known fans of precious metals posting on social media) was quick to point out that Bitcoin has entered a correction phase (after setting a new record in mid-August). Bitcoin increasingly appears to be trading in correlation with the Nasdaq, rather than with gold.So, is Bitcoin still a “safe haven” during times of market nervousness, or is no longer?

Safe haven

Whether or not Bitcoin is a “safe haven” (like gold and silver) remains a matter of debate: the largest digital currency is seen as a potential hedge against declining fiat currencies, but it still lacks the stability and broad acceptance of traditional “safe havens” like gold, particularly due to high volatility and the fact that crypto is a young and still very complex market.

Although volatility is decreasing over the long term and crypto is increasingly attracting institutional investors, Bitcoin needs to prove itself during financial crises to be considered an established safe haven.

The extreme volatility of the past is becoming rarer though. In 2024, Bitcoin’s volatility was already less than some 33 stocks of the S&P 500. Volatility continued to decline in 2025.