Bitcoin as a hedge and safe haven: A comparative analysis of European and global stock market indices

Prieur, Thibaut
(2026)

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Details

Supervisors
Iania, Leonardo
Faculty
Louvain School of Management
Degree label
Master [120] : ingénieur de gestion, à finalité spécialisée
Abstract
enThis thesis examines whether Bitcoin can act as a hedge or safe haven against European stock markets. It compares Bitcoin with several European and global equity indices using data from September 2014 to December 2025, at daily, weekly, and monthly frequencies. The results show that Bitcoin generally moves in the same direction as equity markets, which limits its role as a hedge. During periods of strong market decline, especially in the worst 1% of equity returns, Bitcoin does not show clear safe-haven properties. No negative relationship is found between Bitcoin and the indices studied. Overall, Bitcoin cannot be considered a reliable hedge or safe haven. It is better described as a risky asset that may offer some diversification.