application/pdf 2095834 bytes Journal of Central Banking Theory and Practice, 12(1) Are Gold and Bitcoin a Safe Haven for European Indices? 2023 Fabris, Nikola Ješić, Milutin http://creativecommons.org/licenses/by/4.0/legalcode eng info:eu-repo/semantics/article Keywords: Safe Haven, Gold, Bitcoin, European indices https://phaidrabg.bg.ac.rs/o:28759 doi:10.2478/jcbtp-2023-0002 ISSN: 1800-9581 Abstract: Numerous turbulent events in the recent past have raised the issue of an asset that could play the role of safe haven. Although for many years it was considered that gold has the role of a safe ha- ven, an increasing number of recent works challenge such a point of view. The emergence of cryptocurrencies after the Global financial crisis has opened up numerous questions, one of them being whether cryptocurrencies, as an asset (money) independent of governments, can play the role of safe haven. Therefore, the paper examines wheth- er gold and bitcoin, the latter as the best representative of crypto- currencies, can play the role of safe haven in relation to European indices. In the paper, this hypothesis was confirmed for gold and rejected for bitcoin.