摘要：This study seeks to address whether Bitcoin ever match or even replace gold as a safe haven. To this end, we use a
dynamic Markov-switching copula model to test the complementarity and substitutability among Bitcoin and gold
within two risk scenarios (i.e., low- and high-risk regimes). Our results reveal a positive and strong correlation between
gold and Bitcoin returns coinciding with specific economic and political events. Gold and Bitcoin benefit from the
same economic conditions. This suggests that gold and Bitcoin are likely to be complementary, rather than in
competition with each other. Gold could act as a diversifier for investors in digital assets. But the Bitcoin have a lot to
teach gold in terms of the efficient transfer of value.
