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This paper investigates the short- and long-run hedging and safe haven properties of Bitcoin for the US dollar over the period 2010\u20132023, incorporating the COVID-19-related market turmoil. Our findings reveal that (i) Bitcoin acts as a strong hedge for all US dollar currency pairs examined, (ii) Bitcoin functions as a weak safe haven for the US dollar at short investment horizons, as indicated by a limited relationship during acute negative price movements, (iii) Bitcoin, instead of acting as a safe haven may, instead, increase aggregate risk at long horizons during periods of extreme losses. The analysis, performed using a series of horizon-dependent econometric tests, provides evidence of some US dollar risk-reduction benefits from Bitcoin but limited potential for enduring relief from long-run extreme negative US dollar rate movements.\n<\/jats:p>","DOI":"10.1007\/s10479-024-05884-y","type":"journal-article","created":{"date-parts":[[2024,3,14]],"date-time":"2024-03-14T14:03:30Z","timestamp":1710425010000},"page":"45-73","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":10,"title":["Enduring relief or fleeting respite? 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