Gold and the Herd of Cryptos: Saving Oil in Blurry Times

"Welcome to our channel! In this thought-provoking video, we delve into the fascinating world of gold and cryptocurrencies, exploring their impact on oil conservation during uncertain times. Join us as we uncover the synergies between these two assets and their role in navigating the blurry economic landscape.

Discover the strategies and insights that can help you preserve resources and unlock value in the face of uncertainty. We explore the importance of oil conservation and how it ties into the growing popularity of cryptocurrencies amidst economic turbulence. Gain a deeper understanding of the power trio: gold, cryptos, and oil conservation, and how they shape the future.

Our expert analysis and engaging visuals provide a comprehensive overview of the connections between gold, cryptocurrencies, and the urgent need to save oil. Stay ahead of the curve and learn how to leverage these assets to safeguard resources and thrive in uncertain times.

Don't miss out on this enlightening discussion! Like, share, and subscribe to our channel for more valuable insights on navigating the ever-changing economic landscape. Together, let's unlock the potential of gold, cryptos, and oil conservation for a brighter future."

Abstract
This paper assesses the effectiveness of a broad set of 1066 active and continuously traded cryptocurrencies as a safe haven instrument against extreme oil price movements, in comparison to the corresponding roles of gold. The uncertainty for the oil market during the COVID-19 pandemic and the subsequent Russia–Ukraine conflict set the tone for natural experiments for our study. We use a trail-blazing dynamic generalized autoregressive score model to estimate the tail riskiness of the potential safe haven assets from January 1, 2020, to September 30, 2022. By estimating the risk exposure of all cryptocurrency assets, we determine top ten safest assets for investment. Our results show the emergence of new safe haven cryptocurrencies, which have previously been ignored by the academic literature and policy makers alike. Intriguingly, our findings reveal that gold has been replaced by altcoins as the safest assets during both the COVID-19 pandemic and the Russia–Ukraine conflict. At this instance, our findings suggest that Bitcoin provides lengthier safe haven properties than gold for oil returns in both periods. However, the safe haven properties of gold and cryptocurrencies are time varying. Last but not least, we introduce a new Cryptocurrency Tail Risk Index (CTRI) that captures the risk exposure of cryptocurrency market, as a whole. Our results suggest that investment in numerous cryptocurrencies provides lengthier safe haven properties than investing in gold alone.

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