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Veteran economist Jeremy Siegel said Monday that while Bitcoin (CRYPTO: BTC) has positives, it does not qualify as a short-term risk diversifier asset.
In an interview with CNBC, Siegel discussed the market's outlook following a sharp rebound from last week's sell-offs.
When asked about Bitcoin, he highlighted that the apex cryptocurrency did not prove to be a “good risk diversifier” during the shock.
“It will snap back, but for people who are thinking about what’s going to diversify for short-term risk, Bitcoin is still not there,” Siegel, professor emeritus at the Wharton School of Business, said.
He admitted that Bitcoin and cryptocurrency offer many “positive features,” but their failure to withstand the recent meltdown set them apart from gold, which held up well.
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Bitcoin indeed struggled to live up to its oft-repeated “inflation hedge” narrative and plummeted even worse than stocks. Gold, on the other hand, held up well and continues to hit new highs.
However, over the past year, the apex cryptocurrency remained one of the most profitable assets, with returns comfortably exceeding the S&P 500 and gold.
| Asset | Gains +/- (Since Friday’s Crash) | 1-Year Gains +/- | Price (Recorded at 3:54 a.m. ET) |
| Bitcoin | -8.66% | +73.07% | $111,725.79 |
| Gold | +3.4% | +55.80% | $4,123.57/troy ounce |
| S&P 500 | -1.19% | +13.56% | 6,654.72 |
Bitcoin rebounded on Sunday, paring losses from the crash. However, the rally lost steam on Monday, sending the asset back down nearly 3%.
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