Naeem MAHasan MArif MShahzad SJH2024-07-182024-07-182020-05-26Naeem MA, Hasan M, Arif M, Shahzad SJH. (2020). Can Bitcoin Glitter More Than Gold for Investment Styles?. SAGE Open. 10. 2.2158-2440https://mro.massey.ac.nz/handle/10179/70229We compare the hedging, safe-haven, and diversification potential of gold and Bitcoin for different investment styles and industry portfolios in the United States. We find that gold is at least a weak hedge for the style and industry portfolios except for utilities, energy, and telecom. The hedging potential of gold is comparatively higher for large-cap portfolios, whereas Bitcoin offers minimal hedging effectiveness. However, Bitcoin shows hedging potential for the noncyclical industries. Although investors need a higher amount of investment to hedge the downside risk using gold, it still is a superior hedging instrument compared with Bitcoin. Finally, the analysis using the conditional diversification approach shows that gold is a superior and stable diversifier for style and industry portfolios. Overall, our findings provide evidence of superior safe-haven and hedging potential of gold over Bitcoin.(c) 2020 The Author/sCC BY 4.0https://creativecommons.org/licenses/by/4.0/goldBitcoininvestment stylessafe-havenhedgeJournal article10.1177/21582440209265082158-2440journal-article