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More time at home means many Australians now have the opportunity to re-assess their lifestyle and spending habits and set some serious saving goals. So how can you actually go about it?

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In this episode of The nestegg Podcast, host Grace Ormsby is joined by Melbourne-based Reventon’s Billie Christofi to talk all things finance and the impact of isolation on our hip pockets.

In stage 4 lockdown, Billie shares the importance of going back to basics when it comes to budgeting, methods to re-assess spending habits, and some of the less conventional ways people can boost their wealth at this time.

Thanks Billie, for sharing your insights with the nestegg podcast team!

Have an investment story to share? Get in touch at [email protected] and you might get featured on an upcoming episode!

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Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, property and stock market." ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["page_heading"]=> string(71) "Invest Money - Strategies and Tools for your Investment Goals | nestegg" ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-09-02 02:50:12" ["slug"]=> string(43) "15670:capitalising-on-the-covid-19-pandemic" ["catslug"]=> string(11) "302:podcast" ["link"]=> string(56) "/resources/podcast/capitalising-on-the-covid-19-pandemic" ["image"]=> string(43) "images/podcasts/Billie_Christofi_WEB_ne.jpg" ["image_alt"]=> string(0) "" } }

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Cryptos fail safe haven test

By Cameron Micallef

April 14 2020
Share

Invest

Cryptos fail safe haven test

By Cameron Micallef
April 14 2020

Despite being touted as digital gold, cryptocurrency markets have shed billions of dollars during the pandemic, proving that they are not immune from wider fluctuations in sharemarkets.

Cryptos fail safe haven test

By Cameron Micallef

April 14 2020
Share

Despite being touted as digital gold, cryptocurrency markets have shed billions of dollars during the pandemic, proving that they are not immune from wider fluctuations in sharemarkets.

According to Monash University’s Dr John Vaz from the department of banking and finance, cryptocurrencies, including bitcoin, have fallen – showing that during a crisis, they actually move the same way traditional assets do.

“Based on the promises of advocates, cryptocurrencies shouldn’t move with fiat-based financial markets, but in fact, we see that it does,” Dr Vaz said.

“So cryptocurrencies like bitcoin do not provide you with a risk mitigation alternative to fiat currency-based investments such as AUD, at least not during periods of crisis. It certainly doesn’t provide a safe haven by any means.”

Cryptocurrency advocates liken bitcoin and its variants to gold in that they have a limited finite money supply. But Dr Vaz said suggestions that cryptocurrency is a hedge that would resist volatile sharemarket fluctuations caused by the COVID-19 pandemic aren’t true.

“It’s no coincidence that the first cryptocurrency was called bitcoin, using semiotics and imagery of gold coins to give off the impression that it’s tangible and trustworthy,” Dr Vaz, who researches cryptocurrencies and their influence on financial markets, said.

“Cryptocurrency is nowhere near as stable as gold over time – a commodity that bitcoin has tried to emulate in a virtual sense.”

Despite not being immune to market downturns, Dr Vaz said they’re still likely to play a role once the current crisis passes, depending on how governments manage the effects of their dramatic growth in spending in fiat-based currencies, related financial markets and the real economy.

“Bitcoin definitely has a place post-crisis if governments make a mess of the fiscal and monetary policy. If people don’t trust traditional money, this could be the Armageddon of fiat currency and bitcoin will be seen as more reliable. It’s all about trust,” Dr Vaz concluded.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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