Schulich logo The word Schulich Schulich Wordmark The word Schulich with the words Leading Change Schulich Logo The Schulich logo Schulich 50th Logo The number 50 Search An icon depicting a magnifying glass Envelope An icon depicting an envelope Phone An icon depicting a phone Fax An icon depicting a fax machine Map Pin An icon depicting a map pin People An icon depicting two people Graduation Cap An icon depicting a graduation cap Menu An icon depicting three lines Close An icon depicting an X Arrow Up An icon depicting an upward facing arrow Arrow Right An icon depicting a right facing arrow Arrow Down An icon depicting a downward facing arrow Arrow Left An icon depicting a left facing arrow Plus An icon depicting a plus sign Minus An icon depicting a minus sign Chart An icon depicting a chart Book An icon depicting a book Envelope An icon depicting a stamped envelope Dollar Sign An icon depicting a dollar sign Briefcase An icon depicting a briefcase Page An icon depicting a single page Share An icon depicting three connected dots Alert An icon depicting a triangle with an exclamation point Calendar An icon depicting a blank calendar Event An icon depicting a blank calendar Add Event An icon depicting a calendar with a plus sign on it Event Details An icon depicting a calendar with a question mark on it Print An icon depicting a printer Comment An icon depicting a speech bubble Feed The RSS icon Details An icon depicting a page with three lines of text Facebook An icon depicting the Facebook logo Twitter An icon depicting the Twitter logo YouTube An icon depicting the YouTube logo LinkedIn An icon depicting the LinkedIn logo Instagram An icon depicting the Instagram logo Long Arrow Left An icon depicting an arrow pointing left Long Arrow Down An icon depicting an arrow pointing down Flexible Study Options An icon depicting a branching line Awards An icon depicting a ribbon Advisory Board An icon depicting a round table Graduate Diploma An icon depicting a graduation cap Professional Designations An icon depicting a certificate Academics An icon depicting an academic building Schulich Logo The Schulich logo Academics An icon depicting an academic building Globe An icon depicting the globe with an arrow circling it Globe An icon depicting the globe with an arrow circling it Award Ribbon An icon depicting a ribbon Teacher An icon depicting a teacher pointing at a blackboard Double Location An icon depicting two location pins Wireframe Globe An icon depicting a wireframe globe Airplane An icon depicting an airplane Play Icon in the shape of a play button as found on videos Full-time Icon representing a full-time program Part-time Icon representing a part-time program Full-time Accelerated Icon representing a full-time accelerated program Part-time Accelerated Icon representing a part-time accelerated program Program Details Icon representing program details Program Tuition Icon representing tuition and fees Career Opportunities Icon representing program details Accreditations Icon representing program accreditations Program Options Icon representing program options Requirements Icon representing program requirements Courses and Electives Icon representing program courses Faculty Icon representing program faculty Clubs Icon representing program clubs Courthouse Icon representing a courthouse Oil Icon representing an oil droplet Retail Icon representing a shopping bag Food Icon representing a fork and knife Construction Icon representing a hammer and wrench Person A silhouette of a person Person An outline of a person Folder An outline of a folder Pie chart An outline of a pie chart Graph An outline of a bar graph Save An arrow pointing into a box Play An outline of a play arrow Key An outline of a key Ticket An outline of a ticket Books Two books Computer A laptop computer Globe An outline of a globe Plane An outline of a plane Accelerated Program An outline of a fast-forward button Part-time Program An arrow arcing around a clock Viewbook An outline of an open book Medal A medal with a star Professor A lecturing professor Suit A person wearing a suit Laptop Laptop computer (by FlatIcon) Locked Closed Access Unlocked Open Access Google Scholar Google Scholar icon Calendar An icon depicting a blank calendar India An icon depicting a Indian landmark Report An icon depicting a briefcase Skip to content

Bitcoin: The New Gold?

  • Future Students
  • Current Students
    Undergraduate Students ›Graduate Students ›PhD Students ›
     › › › ›
  • Alumni
    • Mentorship & Volunteering ›

      Alumni Benefits ›

      Success Stories ›

      Common Questions ›

      Contact Alumni Relations ›

    • Alumni Events ›

      Global Alumni Chapters ›

      Alumni Services for Students ›

      Alumni Recognition Awards ›

    Overview ›Alumni Career Portal ›Online Community ›
     › › › ›
  • Donors
    • Ways to Support ›

      The Impact of Giving ›

      Sponsorship Opportunities ›

      Leaving a Legacy to Schulich ›

      Contact Development Office ›

    • Schulich Priorities ›

      The Schulich Annual Fund ›

      The Dean’s Society ›

      Tribute Giving ›

    Overview ›Donate Now ›
     › › › ›
  • Recruiters
  • Media
MySchulich
Schulich School of Business
  • Future Students
  • Current Students
    Undergraduate Students ›Graduate Students ›PhD Students ›
     › › › ›
  • Alumni
    • Mentorship & Volunteering ›

      Alumni Benefits ›

      Success Stories ›

      Common Questions ›

      Contact Alumni Relations ›

    • Alumni Events ›

      Global Alumni Chapters ›

      Alumni Services for Students ›

      Alumni Recognition Awards ›

    Overview ›Alumni Career Portal ›Online Community ›
     › › › ›
  • Donors
    • Ways to Support ›

      The Impact of Giving ›

      Sponsorship Opportunities ›

      Leaving a Legacy to Schulich ›

      Contact Development Office ›

    • Schulich Priorities ›

      The Schulich Annual Fund ›

      The Dean’s Society ›

      Tribute Giving ›

    Overview ›Donate Now ›
     › › › ›
  • Recruiters
  • Media
  • Programs
    & Courses
    • Undergraduate

      BBA ›

      Master of Business Administration

      MBA ›
      MBA / Juris Doctor ›
      MBA / MFA / MA ›
      Kellogg-Schulich Executive MBA ›
      Tech MBA ›

    • Specialized Masters Programs

      Accounting ›
      Artificial Intelligence ›
      Business Analytics ›
      Finance ›
      Health Industry Administration ›
      Management ›
      Marketing ›
      Real Estate & Infrastructure ›
      Supply Chain Management ›

    • Exchange

      Incoming Exchange and Programs ›

      Graduate Diplomas

      Post-MBA Diploma in Advanced Management ›
      Accounting Analytics ›

      Doctor of Philosophy

      PhD in Administration ›

     › › › ›
  • Admissions
    • Undergraduate

      Apply Now ›
      Admissions FAQs ›
      Connect With Us ›
      Admission Events ›
      Meet the Team ›

    • Graduate

      Apply Now ›

      Tuition Fees & Costs ›

      Application Tips ›

      Connect with Us ›

      Admission Events ›

      Meet the Team ›

    Admissions Requirements ›
     › › › ›
  • Faculty
    & Research
  • Student Life
    & Services
    • Case Competition Program ›
      Centre for Career Design ›
      Event Calendar ›
      Financial Aid ›

    • International Relations ›
      Libraries ›
      Services for Students ›
      Student Life at Schulich ›

     › › › ›
  • About
    • Our Dean ›

      Rankings ›

      Equity, Diversity, and Inclusion ›

      Case Competition Program ›

      Schulich Startups ›

      Impact Report ›

      News & Events ›

      Contact Directory ›

    • Our Heritage ›

      Recruit at Schulich ›

      Work at Schulich ›

      Hospitality & Hotel Services ›

    Learn more about Schulich ›
     › › › ›
  • Executive
    MBA
    • Program Information

      Overview ›

      Program Details ›

      Schedule & Courses ›

    • Admission Requirements ›

      Tuition Fees ›

      Follow us on LinkedIn ›

    Are you EMBA ready? ›Request a pre-assessment ›

     

    Contact us at 416-736-5486 or emba@schulich.yorku.ca​

     › › › ›
  • Executive
    Education
  • MySchulich

About

About › News & Events

  • ‹ News Feed
  • March 16, 2021

    Bitcoin: The New Gold?

    Research shows bitcoin could replace gold in an investment portfolio

    TORONTO – Tuesday, March 16, 2021 – The trading price of bitcoin broke through the $60,000 level several days ago, leading some financial experts to wonder if investors snapping up the digital asset are creating a speculative bubble. But two researchers at York University’s Schulich School of Business say the digital currency is still a good replacement for gold in an investment portfolio.

    Novel research conducted in 2018 by Irene Henriques and Perry Sadorsky, Schulich Professors of Sustainability and Economics, examined whether bitcoin – often referred to as “digital gold” – can replace gold in an investment portfolio. Gold is considered a traditional hedge against inflation and a safe-haven investment.

    The research paper, titled “Can bitcoin replace gold in an investment portfolio?”, was published in the Journal of Risk and Financial Management and examined the impact of introducing bitcoin on investment portfolio characteristics and returns. The researchers compared the economic value of portfolios substituting bitcoin for gold using a variety of statistical models, including GARCH, and a benchmark portfolio that included US equities, US bonds, US real estate, EAFE equities, and gold.

    The authors found that portfolios with bitcoin ranked highest according to risk-adjusted measures such as the Sharpe, Sortino, Omega and Information ratios. Based on their research findings, the authors concluded that “bitcoin is a viable new alternative asset class that can profitably diversify risk.”

    The researchers believe those findings still hold true today, two-and-a-half years later. In September 2018, when the paper was published, a single bitcoin was worth $6,736.52 USD, the daily transaction volume was 262,591, and the supply of bitcoins on the network was 17.279 million. As of February 2021, a single bitcoin was worth $49,549.35 USD, the daily transaction volume was approximately 277,430, and the supply of bitcoins on the network was 18.642 million.

    Over the past weekend, bitcoin broke through the $60,000 level, setting a new all-time high in price and more than doubling in value since the start of the new year. The cryptocurrency was trading at $20,000 less than three months ago.

    The Schulich research findings were supported earlier this year by global investment firm JP Morgan, which said it views bitcoin as a rival to gold that is rapidly emerging as a “safe-haven asset”.

    “If investors want bitcoin as an investment asset and don’t want to be bothered going through the process of buying cryptocurrency and acquiring a crypto wallet, they can simply buy a cryptocurrency ETF,” says Henriques. “This is equivalent to people who do not want to hold gold per se but rather a gold ETF, which follows its price across time.”

    But the Schulich researchers caution that bitcoin is still a speculative investment and should not be the only asset in an individual’s investment portfolio.

    Irene Henriques and Perry Sadorsky are available for interviews. Their paper can be accessed at https://www.mdpi.com/1911-8074/11/3/48.

  • Schulich - York University
    • Directions
    • Location Inquiries
    • Contact Directory
    • Event Calendar
    • MySchulich
  • Information for:

    • Future Students
    • Current Students Undergraduate
    • Current Students Graduate
    • Current PHD Students
    • Alumni
    • Donors
    • Recruiters
    • Faculty & Staff
    • Media
  • Go to:

    • About
    • Admissions
    • Faculty Listing
    • Student Life at Schulich
    • Services for Students
    • Wellness Suite
    • Privacy
    • Site Map
  • Facebook
  • Twitter
  • YouTube
  • LinkedIn
  • Instagram

© Copyright 2025 The Schulich School of Business, York University.