# Bitcoin as a Safe Haven during COVID-19 Disease
## 3 Data and Methods
### Results
#### 3.2.1 Regression Model Results
\begin{table}
\begin{tabular}{c c c c c c c} \hline \hline  & \multicolumn{4}{c}{**5 March 2020 +**} & \multicolumn{4}{c}{**16 August 2020 +**} \\ \cline{2-6}  & **7 Days** & **10 Days** & **14 Days** & **7 Days** & **10 Days** & **14 Days** \\ \hline retIPAC & 1.029 & 1.009 & 0.965 & 1.035 & 1.033 & 1.036 \\ retGD & \(-\)0.41 & 0 & \(-\)0.539 & \(-\)0.561 & \(-\)0.554 & \(-\)0.557 \\ retBND & 0 & 0 & 0 & 2.211 & 2.198 & 2.197 \\ retBZ & 0.2494 & 0.245 & 0.252 & 0.286 & 0.2842 & 0.286 \\ retGC & 0.427 & 0.492 & 0.389 & 0.53 & 0.525 & 0.529 \\ Volatility:COVID & \(-\)8.089 & \(-\)5.902 & \(-\)4.744 & 0 & 0 & 0 \\ retGSPC:COVID & \(-\)2.769 & \(-\)2.064 & 0 & 0 & \(-\)18 & \(-\)3.356 \\ retDAX:COVID & \(-\)3.983 & \(-\)3.82 & \(-\)5.96 & \(-\)1.89 & \(-\)2.509 & \(-\)3.719 \\ retFTSE:COVID & 4.26 & 4.563 & 0 & 1.29 & 0.85 & 2.619 \\ retN225:COVID & \(-\)1.873 & \(-\)2.436 & 0 & \(-\)3.488 & \(-\)3.441 & \(-\)1.954 \\ retSS:COVID & 7.287 & 6.884 & 0 & \(-\)1.411 & \(-\)1.293 & \(-\)2.162 \\ retURTH:COVID & \(-\)2.2 & \(-\)1.649 & \(-\)11.179 & 1.859 & 1.129 & 2.703 \\ retEUFN:COVID & 4.93 & 3.761 & 6.08 & 3.058 & 2.783 & 2.63 \\ retIPAC:COVID & 2.799 & 2.69 & 0 & \(-\)1.165 & \(-\)1.873 & 0 \\ retDX:COVID & 2.234 & 1.999 & 9.932 & 1.218 & 1.147 & 0 \\ retGD:COVID & \(-\)4.717 & \(-\)4.623 & 0 & 2.09 & 2.602 & 5.564 \\ retBND:COVID & \(-\)3.491 & 0 & 4.825 & \(-\)0.485 & \(-\)0.668 & 0 \\ retBZ:COVID & 0 & 0 & 0 & 0 & 0 & 0 \\ retDXprevious & 0 & 0 & 0 & 0 & 0 & 0 & 0 \\ retBNDprevious & \(-\)1.441 & \(-\)1.436 & \(-\)1.469 & \(-\)1.443 & \(-\)1.445 & \(-\)1.421 & \(-\)1.517 & \(-\)1.524 & \(-\)1.526 \\ \hline \hline \end{tabular}
\end{table} 
Table 3: Summary of regression model results about Btc taking into account the variables with significant coefficient for the first six windows taken into account. The coefficients for the returns of the iShares Trust--iShares Core MSCI Pacific ETF, (_retIPAC_), for those of the VANGUARD BD IDX FD, (_retBND_), and of the Brent Crude Oil Last Day Finance index (_retBZ_), and of the Gold Aug 20, _retGC_ acquire positive values in all _event windows_, but for _retBND_ in the _event windows_ around the 5 March 2020 date. In contrast, the coefficient for the returns of the S&P GSCI Index, (_retGD_) acquires negative values in almost all _event windows_, giving some indications of Bitcoin being a safe haven against the downward movements of this index. It is equal to zero in only one window [5 March 2020 +10 days]. Additionally, the coefficient of the lagged variable _retBNDprevious_ is statistically significant and negative in twelve out of fifteen _event windows_, meaning that this variable accounts for the expected values. The other regressors, those interacting with the dummy variable _Covid_, present values that vary across the _event windows_. The coefficients of the interaction variable, _Vol:Covid_ are negative in nine out of fifteen _event windows_ and equal to zero in the remaining windows. So they do not contribute to associating properties of safe haven with Bitcoin in these _event windows_ against the movements of the volatility in the FX market, _Vol_. Regarding the coefficients of the other interaction terms, the results show that many of them are statistically significant and negative, hence they contribute to associating properties of safe haven with Bitcoin in precise _event windows_ against their downward movements. Additionally, positive effects are highlighted for some indexes, but of course these do not give indications for safe-haven behavior. In the windows defined after 5 March 2020, the coefficients for _retDAX:Covid_ and _retURTH:Covid_ are significant and negative for all three windows of 7, 10 and 14 days.