Open Access Letter

Gold and Bitcoin as Hedging Instruments for Equity Markets under Crisis

by Rubaiyat Ahsan Bhuiyan a orcid Tze Chi Chin a orcid  and  Changyong Zhang a,* orcid
Faculty of Business, Curtin University, Miri, Malaysia
Author to whom correspondence should be addressed.
Received: 4 April 2023 / Accepted: 16 June 2023 / Published: 11 October 2023


Gold has been traditionally well recognized as a safe heaven for financial markets. Lately, Bitcoin has been gradually considered as a popular alternative. Since the outbreak of COVID-19 in early 2020, it has become even more necessary and critical to examine the diversification capability of them to hedge financial risks associated with an unexpected crisis comparable to the pandemic. This paper hence employs the wavelet analysis, complemented by the multivariate DCC-GARCH approach, to measure the coherence of the gold and Bitcoin prices with six representative stock market indices, three for developed economies and three for emerging economies, all of which are heavily affected by the pandemic. To have a more balanced and comprehensive analysis, two-year data are used, spanning from 12th April 2019 to 15th April 2021, which covers approximately one year before and one year after the announcement of the COVID-19 pandemic. The results suggest that the returns of both gold and Bitcoin are generally not strongly correlated with the market returns of all six indices, particularly for short-term investment horizons. That is, investors in all six indices can benefit through gold, as well as Bitcoin, in terms of hedging. Meanwhile, compared with Bitcoin, gold shows to be less correlated with the indices, particularly for long-term investment horizons. The findings hence suggest that gold and Bitcoin offer diversification benefits to investors in the market indices during a crisis such as the COVID-19 pandemic, especially for short-term investment horizons. The study also reminds policymakers thinking beyond the pandemic about the future of the earth, including air pollution and health, for sustainable development of the whole world.

Copyright: © 2023 by Bhuiyan, Chin and Zhang. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) (Creative Commons Attribution 4.0 International License). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

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ACS Style
Bhuiyan, R. A.; Chin, T. C.; Zhang, C. Gold and Bitcoin as Hedging Instruments for Equity Markets under Crisis. Financial Economics Letters, 2023, 2, 12.
AMA Style
Bhuiyan R A, Chin T C, Zhang C. Gold and Bitcoin as Hedging Instruments for Equity Markets under Crisis. Financial Economics Letters; 2023, 2(2):12.
Chicago/Turabian Style
Bhuiyan, Rubaiyat A.; Chin, Tze C.; Zhang, Changyong 2023. "Gold and Bitcoin as Hedging Instruments for Equity Markets under Crisis" Financial Economics Letters 2, no.2: 12.
APA style
Bhuiyan, R. A., Chin, T. C., & Zhang, C. (2023). Gold and Bitcoin as Hedging Instruments for Equity Markets under Crisis. Financial Economics Letters, 2(2), 12.

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