Diversification for Stock Markets: Commodities or Crypto

Mico Apostolov; Simone Domenico Scagnelli; Lorenzo Vasile

doi:10.2478/jcbtp-2026-0019

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Diversification for Stock Markets: Commodities or Crypto

Journal of Central Banking Theory and Practice

Volume 15 (2026): Issue 2 (May 2026)

By: Mico Apostolov, Simone Domenico Scagnelli and Lorenzo Vasile

Open Access

|May 2026

Abstract

The question that an asset could serve as a good store of value has been brought up a number of times, especially due to major market shocks. Despite the long-held belief that gold serves as a safe haven, a growing body of contemporary literature perpetually assesses this notion. Whether cryptocurrencies, namely Bitcoin as the most well-known of them, as an asset, can serve as a safe haven or hedge gains traction in research. This study investigates the relationship of gold and Bitcoin to S&P 500 stock index and the possibility that these might serve as a safe haven in respect to stock indexes. The results show that, when analysed the safe haven properties of either gold or Bitcoin, there is evidence that Bitcoin has negative and statistically significant relationship with the stock market making it good proponent for safe haven. On the other hand, gold has non-positive correlation with the stock market, which adds to the basic readings that it is good hedge asset.

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Articles in this issue

DOI: https://doi.org/10.2478/jcbtp-2026-0019 | Journal eISSN: 2336-9205

Journal RSS Feed

Language: English

Page range: 233 - 253

Submitted on: Jul 8, 2025

Accepted on: Jan 27, 2026

Published on: May 12, 2026

Published by: Central Bank of Montenegro

In partnership with: Paradigm Publishing Services

Publication frequency: 3 issues per year

Keywords:

stock market,

Gold,

Bitcoin,

S&P500,

hedge,

safe haven,

diversification

Related subjects:

Business and economics,

Business management,

Business management, other

© 2026 Mico Apostolov, Simone Domenico Scagnelli, Lorenzo Vasile, published by Central Bank of Montenegro
This work is licensed under the Creative Commons Attribution 4.0 License.

Volume 15 (2026): Issue 2 (May 2026)