8. Conclusion
8.1. Future Research
Throughout this thesis, limitations and unanticipated findings have been suggested for further research to substantiate the knowledge within the field of Bitcoin, safe havens, and optimal portfolio construction. At the time of writing, a second wave of imposed lockdowns is commencing, as worldwide COVID-19 cases intensify. It is questionable whether governments and central banks are adept to, once more, provide extensive economic support packages to prevent bankruptcies and elude a severe financial crisis. Hence, the forthcoming months will prove interesting, why the methodological approach undertaken by this thesis is suggested to be replicated to a more extensive COVID-19 period at a later stage. In addition, as touched upon in Chapter 7, the vast COVID-19 related economic support packages result in an enormous amount of money being pumped into society, which could induce future inflation. As Bitcoin was only investigated in regard to providing
121 safe haven properties in the short run and inflation has been absent for the past decade, it is of great relevance to investors and pension funds to uncover whether Bitcoin could serve as a hedge against inflation.
Moreover, as acknowledged in the discussion section, hi he i finding a l m l e ail investors, as a finite amount of Bitcoin supply might inhibit investments into Bitcoin by a large group of institutional investors. As Bitcoin can enhance the risk-return tradeoff of a diversified portfolio, in i i nal in e ma ake ad an age f m a d e l ing he he Bi c in di e ifica i n benefits can be extended to other cryptocurrencies in order to increase the investment possibilities.
122
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