Discover how DAI evolved into USDS under the Sky protocol—unlocking passive rewards, scalability, and a new era of DeFi with Sky Token Rewards.

In September 2024, MakerDAO, a pioneering 

 (DeFi) protocol, underwent a significant transformation by rebranding itself as 

 (SKY). This rebranding was part of the project's comprehensive strategy to enhance scalability, user engagement and regulatory compliance. The major changes that came with the rebranding include token upgrades, whereby the platform’s stablecoin, Dai, was upgraded to USDS (Sky Dollar) while the 

Let’s take a deeper look at USDS and its role on the Sky platform.

USDS (United States Dollar Sky) is the upgraded version of the Dai stablecoin, launched under the newly rebranded Sky protocol (formerly MakerDAO).

 Like DAI, USDS is a decentralized, overcollateralized stablecoin designed to maintain a 1:1 peg with the US dollar.

However, USDS significantly improves scalability, user incentives and regulatory positioning, making it a next-generation solution for DeFi.

One of the standout features of USDS as a stablecoin is that it creates 

 opportunities for its investors. With USDS, you can access the Sky Savings Rate (SSR) feature, which allows you to participate in the Sky ecosystem's governance by accumulating Sky Token Rewards (STR) (presented in the form of SKY tokens).

SSR also features a variable automated token accumulation feature, whereby you receive 

 to the SSR program. This passive earning potential offers a major advantage for users seeking yield without complicated 

Sky uses a dynamic model that adds USDS to the SSR pool every few seconds. Over time, the value of sUSDS in the particular pool increases. You can then opt to redeem your sUSDS for USDS, and receive the USDS you initially supplied in addition to the USDS equivalent you’ve accumulated.

These rewards serve as an incentive mechanism, enabling users to passively grow their holdings while supporting the health and stability of the Sky ecosystem.

Upgrading from DAI to USDS is straightforward. Users can visit Sky.money and initiate the upgrade directly through a noncustodial, user-controlled process.

The platform provides a simple interface on which users connect their wallets, exchange their existing DAI for an equal amount of USDS and instantly become eligible for yield accumulation and other Sky ecosystem benefits. There are no fees for the upgrade, and users retain full control of their assets at all times.

USDS isn’t just a stablecoin; it’s an evolution of DeFi money. With passive earning through Sky Token Rewards and a smooth, secure upgrade path, USDS sets a new standard for the way decentralized stablecoins can deliver value and financial empowerment to users worldwide.

USDS and DAI are both decentralized stablecoins originally developed under the MakerDAO ecosystem (now Sky). While they share the same core principle — overcollateralization and the maintenance of a 1:1 peg with the US dollar — USDS represents a major evolution of DAI, introducing additional incentives designed to enhance user experience, scalability and regulatory alignment.

DAI has long been a favorite in the DeFi ecosystem, allowing users to generate stablecoins by locking up crypto collateral such as 

. DAI features a savings program, the DAI Savings Rate (DSR), from which people can earn 

 (sDAI). While the DSR program is still running, upgrading to USDS lets you earn two types of rewards through the SSR program: sUSDS tokens and Sky Token Rewards (STRs).

In addition, USDS is well positioned to meet regulatory requirements, aiming for broader mainstream adoption while maintaining decentralization.

Below is a comparison table between DAI and USDS:

USDS is backed by collateral that’s deposited in Sky vaults by borrowers. In return, the reserves for these vaults are backed by three main assets: 

With a market cap of over $8 billion, USDS is the currently third-largest stablecoin after 

 is more complex than that of typical stablecoins, as it includes liquidation mechanisms and a peg-stability module. However, an audit of USDS’s smart contract in September 2024 didn’t report any significant risks with the stablecoin. Notably, S&P Global Ratings 

 of 4 out of 5, indicating constrained ability to maintain its peg under certain conditions. 

​Additionally, the proposal to include a freeze function for USDS, which bestows upon the Sky protocol the power to halt USDS transfers between wallets, has sparked heated discussions within the community, highlighting the ongoing conundrum of balancing security measures with principles of decentralization.

The evolution of DAI to USDS marks a major leap forward for DeFi. By combining DAI's trusted and overcollateralized model with additional passive earning opportunities through Sky Token Rewards, USDS empowers users to enjoy greater financial benefits with less complexity.

The streamlined upgrade process and stronger regulatory positioning set the stage for broader adoption and a more resilient future. As Sky continues to build, USDS represents more than just a stablecoin — it’s the foundation of an open, accessible and more rewarding financial ecosystem for everyone.

Intermediate

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From DAI to USDS: Unlocking an open Sky for a more rewarding future

Vietnam is establishing a crypto regulatory sandbox and legal framework to bring clarity, security and oversight to its fast-growing digital asset market.

With a tech-savvy population and high rates of crypto adoption, Vietnam is a hotbed of crypto activity. About 17 million of the population own digital assets, as blockchain market flows into Vietnam reached $105 billion from 2023–2024, 

. However, the absence of a clear legal framework has posed challenges for investors, businesses and regulators. Recognizing the need for structured oversight, the Vietnamese government has initiated decisive steps to establish comprehensive regulations for the crypto sector. 

This article delves into Vietnam's current stance on cryptocurrencies, its implementation of a regulatory sandbox, collaborative efforts with industry leaders like Bybit — and the broader implications for traders and the crypto industry.

Vietnam currently lacks a formal legal framework that specifically addresses cryptocurrencies and digital assets. As a result, these digital currencies operate in a regulatory gray zone — neither fully legal nor banned. Existing financial laws only recognize electronic money tied directly to fiat currencies, such as prepaid bank cards and e-wallets, leaving cryptocurrencies like 

This lack of legal clarity has pushed many crypto-related businesses to register in jurisdictions with clearer regulations, such as Singapore and the United States, before operating within Vietnam. A workaround that has led to the loss of potential tax revenue has weakened the competitiveness of Vietnam’s domestic market in the growing digital economy.

Still, despite this uncertainty, Vietnam ranks among the top countries globally for crypto ownership and trading volume, and the stark contrast between widespread adoption and the absence of clear regulations points to the urgent need for a comprehensive legal framework. Recognizing this, the Vietnamese government has begun drafting new regulations to bring clarity and oversight to the digital asset space.

A regulatory sandbox is a controlled environment that allows financial technology innovations to be tested in real-world conditions for a limited time under the watchful eye of regulators. It provides a safe space in which to experiment with new products and services, while ensuring that consumer protection and market stability remain a priority.

How does Vietnam’s regulatory sandbox initiative work?

Vietnam’s regulatory sandbox is designed as a safe, controlled space in which financial technology innovations — including those involving digital assets and cryptocurrencies — can be tested under regulatory supervision. It operates under a multi-agency governance structure, with the 

This committee is responsible for licensing participants, supervising operations, assessing potential risks and ensuring the overall stability of the fintech ecosystem. It works closely with the State Bank of Vietnam (SBV), which was officially assigned to develop the sandbox under newly minted 

, as well as other key agencies like the Ministry of Finance and the Ministry of Public Security.

. The Ministry of Finance is responsible for developing legal guidelines and licensing service providers, while the Ministry of Public Security focuses on combating fraud, money laundering and other criminal activities within the digital asset market. Lastly, the State Bank of Vietnam monitors the impact of digital assets on the country’s monetary policy and overall financial system.

, businesses must undergo a formal assessment process. Eligible participants include credit institutions, independent fintech startups or fintech firms partnering with banks. After passing initial evaluations by the SBV, approved entities receive a registration certificate signed by the prime minister. These businesses then enter a testing phase lasting one to two years that allows regulators to observe how the businesses’ operations function in a live but supervised environment.

 preventing money laundering, managing digital asset transactions, regulating crypto mining activities and establishing oversight for the issuance, ownership and trading of 

. This initiative will roll out gradually, starting with the launch of financial centers in Ho Chi Minh City and Da Nang in 2025. 

 using crypto assets are expected to begin by Jul 1, 2026. 

How Bybit is supporting Vietnam in its path toward regulatory clarity

Bybit is closely collaborating with the Vietnamese government, particularly the Ministry of Finance, to contribute to the development of a regulatory sandbox. This controlled testing environment allows new crypto regulations to be explored and fine-tuned before being rolled out nationwide. During the 

, Nguyen Van Thang, Bybit CEO Ben Zhou emphasized the importance of building a secure, transparent and innovation-friendly crypto ecosystem that protects investors and upholds market integrity.

 is its technical support for Vietnam’s pilot crypto trading platform, which is operating within the sandbox framework. This initiative enables regulators to safely observe real-time crypto transactions and better understand market behavior. Bybit brings its deep expertise in areas like system architecture, transaction monitoring and the implementation of robust compliance tools, such as 

 (KYC) protocols — essential elements for ensuring digital assets aren’t misused, and that regulatory standards are met.

Enabling Vietnam’s crypto infrastructure

But Bybit’s involvement goes beyond technology. The exchange is also focused on empowering Vietnamese regulators through hands-on training and capacity building. These sessions are designed to equip officials with the skills and knowledge needed to effectively oversee a fast-growing crypto market. The 

 has been tasked with working directly alongside Bybit to explore future steps, a move that reflects the Vietnamese government’s confidence in Bybit’s global track record and regulatory experience.

While mainly focused on compliance, this collaboration is also a forward-looking partnership aimed at creating a balanced regulatory environment that nurtures innovation while ensuring financial stability. Bybit is helping Vietnam lay the foundation for a legal framework that can adapt to the rapid evolution of crypto technology. In doing so, the country is firmly positioning itself as a leader in the digital economy.

Why this matters for crypto traders and the industry

Vietnam’s move to establish a crypto regulatory sandbox (and eventually, a full legal framework) means greater security and peace of mind for individual investors and traders. The sandbox enforces strict KYC and AML protocols, reducing the risk of 

. With clear rules expected by May 2025, traders will finally have legal certainty, allowing them to operate confidently without fear of running afoul of unclear or outdated regulations.

For the crypto industry, the sandbox offers a rare opportunity to test new products and services under the watchful eye of regulators without immediately facing the full weight of compliance laws. This creates room for innovation that will help exchanges, token issuers and startups build trust and scale faster. The government’s support for building financial centers in cities like Ho Chi Minh City and Da Nang adds momentum, turning Vietnam into a potential regional hub for crypto businesses and investors.

As the framework takes shape, clearer licensing and operational guidelines will enable crypto platforms to run with greater transparency and reliability, boosting confidence for both institutional players and everyday users. Integration with national data systems will also strengthen transaction monitoring, and reduce risks related to energy-heavy mining operations or illicit activity. With major industry players like Bybit helping to realize this vision, Vietnam is laying the groundwork for a secure and innovation-friendly market.

Ultimately, this regulatory shift benefits everyone: Traders get protection and clarity, and industry players gain a supportive environment in which to grow. Vietnam will be positioning itself as a forward-looking nation that’s ready to welcome the future of finance, attracting foreign investment, driving adoption and unlocking new revenue streams to support economic growth.

Vietnam is taking bold steps toward regulating its crypto market through a structured regulatory sandbox and partnerships with industry leaders like Bybit. These efforts aim to create legal clarity, protect investors and encourage innovation. For traders and businesses alike this marks a turning point, ushering in a safer, more transparent and opportunity-rich environment as Vietnam embraces an alpha role in the global digital economy.

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Crypto regulations in Vietnam: A path toward regulatory clarity

Magic Labs, backed by PayPal Ventures, launched Newton, a platform for verifiable AI agents that safely automate crypto tasks without users giving up wallet control. 

The S&P 500 rose 0.58% on Thursday, supported by strong tech sector gains, as investors weighed the US-UK trade deal and potential easing of US-China tariffs ahead of upcoming talks. Gold dropped from $3,500 to $3,300 on US-UK trade optimism, but the dip may offer a buying opportunity if support holds. The Coindesk Indices, which track the broader crypto market, rose 9.37%, with Bitcoin and Ether up 5.31% and 21.63%, in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this 

Today’s top performer is VIRTUAL, which surged 40.4% after Virtuals Protocol announced a one-time TP cooldown reset to thank the Genesis community.

Virtuals Protocol (VIRTUAL), launched in October 2024, built on Base, lets users create AI agents that interact in 3D spaces. It features IP agents like Luna and functional agents like G.A.M.E., with its native token VIRTUAL powering the platform's economy. Virtuals Protocol 

 a one-time TP cooldown reset for all users as a thank-you to its community for supporting and testing Genesis. The cooldown feature remains in place and will apply as normal going forward.

Check out the latest prices, charts, and data of 

Magic Labs, backed by PayPal Ventures, launched 

, a platform for verifiable AI agents that safely automate crypto tasks without users giving up wallet control. Built on the Newton Protocol with cryptographic guarantees and zero-knowledge proofs, Newton enables secure, autonomous finance — allowing users to automate actions like recurring buys, yield optimization, and portfolio rebalancing within user-defined guardrails. The platform, live on Base as of May 7, also introduces a future marketplace for developers to create and monetize agents, advancing a “self-driving crypto” vision with transparent, trust-minimized automation.

Yesterday, BTC spot ETFs saw $48.4M in net inflows, all from non-GBTC funds.

, a tool that lets anyone create and deploy multichain tokens in under a minute with no technical skills required. Users can easily launch tokens across multiple chains and interact with the platform, which could help qualify for Wormhole’s second airdrop. Deployment costs vary by chain.

Beginner

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Magic Labs launches Newton to enable secure AI-driven crypto automation

Can Bitcoin replace gold as the go-to safe-haven asset? Explore how 2025's market turmoil reshaped investor sentiment toward BTC vs. gold.

The early months of 2025 have proven tough indeed for the stock market. After the newly elected POTUS Donald Trump was sworn in in late January, he quickly raised the issue of tariffs on imports to the US, a key pledge from his election campaign. The market reacted nervously, with the S&P 500 and Nasdaq-100 dropping 10% and 14% (respectively) between February 20 and March 12, some of the steepest declines for equities in many years.

 (BTC) joined the stock market during the February-March slump, shedding about 18% of its value. Needless to say, the ultimate safe-haven asset, 

, gained handsomely during the slump, as often happens during periods of uncertainty and stock market corrections or crashes.

However, another major stressor awaited the markets in April 2025. Trump's “Liberation Day” executive order imposing across-the-board import tariffs on most countries ignited another sell-off in equities. Barely coming to their senses after the February-March knockdown, US stocks absorbed another major hit. Yet, on this occasion, Bitcoin reacted altogether differently — the world's leading cryptocurrency rallied strongly after April 7, posting a completely divergent performance from that of the stock market.

Bitcoin's April rally, which is continuing into early May, has led many analysts and investors to ask a novel question: Has BTC become a new kind of safe-haven asset that can protect your investment during stock market declines? And if so, can Bitcoin actually overtake gold as the safe-haven asset of choice? In this article, we’ll examine the 

 comparison through the lens of an investor looking for the optimal safe-haven asset, for now and for future 

 in equities, which some analysts believe will be in abundance under the current White House administration.

Bitcoin's journey to recognition as a legitimate investment asset hasn't been easy. For years after its 2009 launch, it was largely viewed as a technology shtick with no real-world value. However, the seminal digital asset started to gain recognition in the investment mainstream amidst news of its undeniably gigantic returns.

The first notable Bitcoin bull run was the 2017 mega-rally. Having begun the year valued at around $1,000, BTC was worth $14,093 on the last day of December, a return on investment of more than 13,000%. Investors 

In early 2018, Bitcoin began to lose ground, steadily shaking off its remarkable 2017 gains. Until late 2020, Bitcoin couldn’t return to these late-2017 levels, a three-year fall from grace. Consequently, investors and traders viewed it largely as 

 and speculative, with little chance of regulatory acceptance into the mainstream finance world.

However, Bitcoin’s ability to thrive during periods of wider economic turbulence clearly manifested itself for the first time amidst the 2018–19 US-China trade war. Between mid-2018 and mid-2019, the US and China imposed tariffs on each other’s imports, igniting the first modern trade war between the two nations. While most markets experienced turbulence or declines, Bitcoin rallied strongly between April and June 2019, right at a time when the impact of tariffs was being felt throughout the economy.

Interest in Bitcoin as a legitimate investment asset skyrocketed between late 2021 and early 2024, thanks to enthusiastic institutional investor acceptance. In October 2021, the Securities and Exchange Commission (SEC) approved the first 

 (ETF). Then, in January 2024, the SEC provided a bulk 

As a result of these approvals, institutional investors rushed to Bitcoin, propping up its price and establishing it as a mainstream investment product.

Until April 2025, Bitcoin's reputation remained that of an extremely volatile, high-risk and high-reward asset. In recent times, it also fell largely in line with the stock market's direction as a classic, high-growth asset. But when the second Trump administration announced wide-ranging tariffs on Apr 2, 2025, named “Liberation Day,” BTC’s performance diverged notably from that of the stock market.

Major stock indices, such as the S&P 500 and Nasdaq-100, declined sharply in early April, and then began a slow and uncertain recovery from those losses. In contrast, Bitcoin, after a quick dip from April 2–7, rallied strongly afterward. As of May 7, 2025, it’s up approximately 29% from a month ago.

Bitcoin's strong performance beginning in April 2025 — at a time when the stock market dealt with losses, uncertainty and dismally low investor confidence — prompted comparisons with the classic safe-haven asset, gold. The question now is: Has Bitcoin evolved into a safe-haven asset, perhaps a more volatile counterpart to gold?

For thousands of years, gold has been valued by humans as a reliable store of value, as well as a currency. Its reputation as a safe-haven asset during times of economic uncertainty and declines is well-known. One of the most actively traded assets in the financial world, the yellow metal tends to attract investors trying to protect their wealth when the stock market is sliding.

While gold has been an ultimate store-of-value asset traded worldwide for millennia, the first modern mechanism for setting its market price was first established in 1919 in London. In September 1919, five major gold bullion traders — N.M. Rothschild & Sons, Mocatta & Goldsmid, Pixley & Abell, Samuel Montagu & Co. and Sharps & Wilkins — agreed (via regular meetings or telephone calls) to set a unified market price for gold.

Gold's popularity and its standing in the global financial system were dealt a massive blow in 1933, when US President Franklin Roosevelt signed an executive order that required Americans to turn over their gold holdings to the government for a fixed price of $20.67 per troy ounce. Aside from small quantities, private ownership of gold was now forbidden. Such draconian restrictions on gold lasted until 1974, when US President Gerald Ford repealed the order; but the effective ban on private ownership of gold in the US between 1933 and 1974 severely limited trading activity for the metal commodity.

Following the repeal of Roosevelt's gold-banning executive order, gold 

 commenced on Dec 31, 1974, on the COMEX futures exchange in New York. This signified the start of the modern era for gold trading on regulated financial markets. Once again, gold became one of the world’s key asset classes. Since then, gold has typically, though not always, had negative correlations with the stock market, and has acted as a safe-haven asset during equity bear markets.

Investing in Bitcoin vs. investing in gold

In recent years, both gold and Bitcoin have done well. It should be noted that investors have rarely viewed gold as a growth asset. Instead, its role has been that of a value protector during market declines. The table below shows the return rates for gold, Bitcoin and the stock market’s primary index, the S&P 500, for short-term periods (the past month and six months), as well as longer-term periods (the past year and five years). These figures are valid as of May 7, 2025, and are based on data from TradingView.

The data in the table clearly demonstrates that Bitcoin has performed better than gold (or stocks, for that matter). At the same time, gold has also done its job of protecting investment value, significantly outperforming the stock market over the past month, six months and 12 months — periods strongly affected by the recent and ongoing tariff wars ignited by the Trump administration. For instance, an average stock market investor has actually incurred small losses (of –0.7%) within the past six months, while gold investments have grown by a respectable 18% during the same period — an outstanding result in the current gloomy economic climate.

Over the long-term period of five years, gold and the S&P 500 have seen growth rates of similar magnitude (90.5% and 98.2%, respectively) during times of both market optimism/growth and stock declines (e.g., the first half of 2022, during which the S&P 500 dove 23%).

While gold has simply done its job as a hedge against stock market troubles, Bitcoin has done exactly that and more — its performance over these four analysis windows indicates that the world’s top cryptocurrency has acted as a safe-haven asset on steroids, delivering both protection against bear markets in equities and significant returns.

While Bitcoin has resoundingly beaten gold in terms of historical performance in recent years, it should also be noted that it remains more volatile than gold — with one crucial caveat: Bitcoin’s volatility over the past year (as measured by the coefficient of variation) is around 20%, while the same coefficient for gold (over the same yearly period) is 10%. 

Although Bitcoin is twice as volatile as gold, based on these estimates, these figures don't exactly paint a picture of an asset that’s wildly more volatile than gold, as many investors believe. Moreover, in the first four months since the start of 2025, the two assets have had an even smaller difference in terms of volatility — 8.3% for Bitcoin and 6.8% for gold, based on their daily prices.

Clearly, the new market realities are challenging old beliefs. Although Bitcoin remains more volatile than gold, the difference in volatility levels between the two assets may no longer be as large as it was in the past — at least during periods of significant price moves for gold, as in recent months.

Gold has traditionally been viewed as an excellent hedge against inflation, as well as even more extreme events, such as currency devaluation. It typically retains its value or grows in times during which fiat currencies may lose their real purchasing power due to inflationary pressures.

Bitcoin, on the other hand, hasn't traditionally been considered an inflation hedge. For all of 2022 and much of 2023, high inflation prevailed in the US. During these two years, Bitcoin behaved completely differently: it kept falling throughout 2022, but rallied strongly for most of 2023. This indicates that it may not yet exhibit one of the key properties of a safe-haven asset — the ability to hedge against inflationary value losses.

Both gold and Bitcoin feature liquid and vibrant markets. However, gold's liquidity is far higher than that of Bitcoin. Daily trading volumes for gold are typically between $200 and $300 billion, while Bitcoin's are about one-tenth of these figures. Gold's market cap stands at over $22 trillion, whereas Bitcoin's capitalization is $1.9 trillion, around 11.5 times lower.

Gold is easily accessible for institutional and retail investors via brokerages that offer gold-linked ETFs and gold-based futures contracts. You can also purchase physical gold in the form of gold coins and bullion.

Bitcoin is also a relatively easily accessible asset, as long as you’re crypto-savvy. It can be traded on 

 (DEXs) and directly through the Bitcoin blockchain via the 

 route. However, investors unfamiliar with blockchain technology (or those who prefer to stick to regulated exchanges) may find Bitcoin less accessible than gold.

, which are linked directly to blockchain addresses or to accounts at crypto exchanges. While holding funds in such a wallet is generally safe if you follow all the due diligence procedures, 

 do take place in the blockchain world. During such hacks, your BTC funds held in a crypto wallet might be compromised or even lost.

There are certain storage and security concerns for gold as well — at least if you invest in physical gold, rather than gold ETFs or futures. Bullion and other types of physical gold need to be securely stored. There are many gold storage providers on the market. These companies can keep your physical gold safe. However, there are fees involved for having your gold protected at these providers' secure premises. Additionally, these companies may be vulnerable to criminal activity and theft of the stored gold, although reputable providers have proven and reliable security standards.

Both gold and Bitcoin involve regulatory and market risks. Although gold is widely accepted in regulated markets, there might be issues with 

 arising from trading gold, particularly in the case of cross-border transactions. It should also be noted that gold is a non-sovereign asset — that is, it’s not issued or supported by governments or central banks, although they may use it as a reserve asset. Thus, gold's value is guaranteed only by market demand.

Bitcoin is much less regulated than gold. Although the US is moving toward comprehensive regulation for cryptocurrencies, a unified framework in this area still doesn’t exist (as of early May 2025). At the same time, a number of SEC-approved Bitcoin Spot and Futures ETFs provide access to the asset via the regulated environment of stock exchanges.

Similar to gold, Bitcoin is a non-sovereign asset, sometimes even referred to as digital gold. Its decentralized nature ensures independence from any government. Like gold, Bitcoin's value is derived solely from market demand.

Gold is among the most stable and secure assets in financial markets. The precious metal tends to retain its value and rise during periods when those of growth-oriented assets decline. However, prolonged bull markets can dampen the long-term performance of gold, at least relative to other investment opportunities. Over a sufficiently long period (e.g., five years or more), we may expect the stock market to go through periods of both growth and decline. While bear markets in equities are likely to boost gold, bull runs may lead to it losing ground.

In an earlier section of this article, we noted that gold and the S&P 500 performed quite similarly over the past five years. This time interval in the US economy involved several adverse events — the stock market decline of H1 2022, high inflation in 2022 and 2023 and, most recently, market slumps in February and April 2025 caused by Trump's notorious tariffs. Thus, gold has done its job of protecting investor value over the long term during these five years. 

At the same time, although these years involved several uncomfortable periods for stocks, gold hasn't been able to outperform the S&P 500 at all, posting an 80% five-year growth rate vs. 99% for the stock market index.

This is the whole idea behind investing in gold — it’s rarely a growth-oriented exercise, and is almost always an endeavor to protect yourself against losses.

In contrast, Bitcoin remains a growth asset, albeit one that has recently demonstrated potential to act as a safe-haven asset in times of stock market adversities. Its long-term value is also closely linked to its issuance and supply-limitation mechanisms. New Bitcoin is mined every ten minutes on the BTC network, with the release schedule subject to quadrennial 

Additionally, Bitcoin’s maximum supply is 

. Per the Bitcoin blockchain’s rules, there will never be more than 21 million BTC in existence. However, Bitcoin will only reach this limit around 2140. Bitcoin's limited supply, regular halvings and supply capping make it a scarce asset. Even though Bitcoin may not repeat its massive gains of yesteryear, the crypto's deflationary properties will continue to support its price in the future.

From a safety perspective, gold remains the preferred choice. In times of bear markets and economic uncertainty, gold does its job of protecting your funds from losses. Compared to Bitcoin, it's less volatile, more liquid and better regulated.

However, your safe-haven portfolio doesn’t have to be based on a single asset. Diversifying your investment for bear markets should ideally involve both an established and an emerging safe-haven asset. Bitcoin’s latest run in April 2025 demonstrated that it can work to counter potential slumps in equities. Additionally, Bitcoin has delivered better returns than gold over both short-term and long-term periods.

As such, a prudent strategy would involve allocating some of your funds to gold as a safe, regulated, low-volatility and highly liquid asset, while investing the remainder in Bitcoin as an emerging safe-haven asset that’s high-growth and volatile, but still sufficiently divergent from stocks.

Bybit offers you three ways to invest in gold — via 

 and crypto Perpetual contracts based on gold-backed cryptocurrencies (e.g., 

). For Bitcoin investing, the exchange offers you several options, including

While Bitcoin, the king of digital currencies, may not replace gold any time soon as the safe-haven asset of choice, it may be a viable addition to a portfolio designed to withstand stock market troubles. Bitcoin's high-growth nature, coupled with its emerging ability to thrive at times of capital flight from stocks, positions it as a new type of safe-haven asset — one that may not rival gold's stability and security, but can nevertheless act as a great diversifier for and counterbalance to the world’s most famous precious metal. Thanks to Bitcoin, safe-haven portfolios can focus both on value protection and growth, not merely on the former.

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Can Bitcoin overtake gold as the ultimate safe-haven asset?

Bybit Learn

Live ICYMI

In our latest Learn 101 livestream session, crypto experts shared insights on Bybit Copy Trading Gold&FX.

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 crypto on Bybit, you can now use copy trading for gold and forex. These markets are unique, and 

 provides an opportunity to learn effective strategies in these markets. In this nineteenth episode of our 

, we uncover Copy Trading Gold&FX Mastery.

 provides a recap of our Learn 101 livestreams, offering you comprehensive expertise and insights from leading figures in the crypto industry in case you miss the livestream.

Joining the livestream on Feb 6, 2025 were two distinguished guests: Argiris Sotirakis, professional trader and founder of 

, and Eric Li, Financial Product Manager at Bybit. Under the moderation of Sabrina Chua, Crypto Evangelist and SEO Editor at Bybit, this episode explores Copy Trading Gold&FX Mastery.

Copy Trading 101 — Is It Really That Easy?

Copy trading offers a unique opportunity for investors to potentially outperform the market without dedicating countless hours to analyzing charts. Eric Li, an expert in the field, explains that copy trading involves mirroring the trades of seasoned professionals. 

During his presentation in this Learn 101 livestream, he shares his screen to showcase Bybit’s 

 platforms. For investors looking to diversify beyond crypto, 

 allows you to follow traders specializing in non-crypto assets like gold and forex. To access any of these features, users must first create a separate Copy Trading account on Bybit.

One standout feature of Bybit’s platform is its high-water mark system, which ensures that profits are shared fairly based on individual investments. This transparent approach aligns the interests of both the Master Traders and their Followers.

Argiris emphasizes that copy traders should experience results similar to those of their chosen Master Traders, provided they mirror trades simultaneously. However, he advises against putting all your eggs in one basket. “Diversification,” he says, “is key to minimizing risk and exposure to losses.”

Unlike platforms that rely on fiat currency, Bybit’s Copy Trading Gold&FX uses 

 (USDT). Eric emphasizes that this simplifies transactions and makes it easier for users to quickly follow multiple traders. Moreover, using USDT supports seamless integration with other Bybit features, offering more flexibility for your assets.

When it comes to selecting a trader to follow, Argiris Sotirakis cautions against relying solely on win rates. “A high win rate can be misleading,” he notes. Instead, he recommends evaluating a trader’s performance over time to understand how their strategies perform under different market conditions. He views copy trading as a long-term strategy, pointing out that it may take more than a month to see meaningful results — especially since various strategies thrive in different environments, such as trending markets versus sideways markets.

Eric Li further explains that Bybit offers tools to help users explore various strategy types employed by trading leaders. There are four primary strategy categories, each one focusing on distinct metrics and trading styles. For beginning traders, there’s even a strategy specifically designed to ease them into the world of copy trading. Additionally, traders can search for leaders based on the market they operate in, whether crypto, gold or forex.

One common misconception about copy trading is the perceived loss of control over your assets. Eric Li addresses this concern by highlighting several 

 tools available to users. For instance, copy traders can set custom limits, adjust take-profit levels and even pause or stop copying a trader at any time. “You still have full control over your assets,” Li reassures, “from selecting the right leader to fine-tuning your risk management settings.”

Gold & Forex Trading: The Secret Sauce Pros Don’t Share

Gold is widely regarded as a safe-haven asset, while forex is globally the largest and most liquid market. But many traders still wonder how to profit from the two. According to Argiris, success in these markets hinges on volatility and smart use of 

. Leverage amplifies profits, but managing it wisely is key to minimizing risk.

Recently, gold’s price has seen substantial growth, offering more opportunities for traders. While it’s a less volatile asset than cryptocurrency, leveraging gold can turn small price movements into significant gains. Sotirakis suggests that balancing leverage between crypto and gold helps reduce overall risk. Forex, on the other hand, is far more volatile, and the way leverage is used directly impacts risk exposure. He notes that forex trading can be more stressful, especially for 

Choosing the right strategy is crucial. With a solid 

 ratio, even small market moves can lead to profits. Many smart money strategies from crypto trading also apply to gold and forex, making it easier for traders to diversify across markets.

To help traders get started, Eric Li demonstrates Bybit’s Gold&FX Trading platform, highlighting its 

. This risk-free tool allows traders to practice strategies without using real money, making it ideal for learning during volatile market conditions. Sotirakis also advises using demo trading to test strategies, especially when markets are unstable. If losses pile up, it’s often a sign that your leverage is too high and needs adjustment.

The minimum investment to join Bybit Copy Trading Gold&FX is 100 USDT, though some Master Traders may require a higher amount. Choosing a Master Trader whose trading style aligns with your risk tolerance is essential.

Bybit Copy Trading Gold&FX Fiesta Time! How to Join & Win Big

Looking to dive into Bybit Copy Trading Gold&FX? What better way to start than with the 

, featuring a substantial 130,000 USDT prize pool! But that’s not all — you can also unlock an additional 5,000 USDT in rewards through the 

According to Sotirakis, events like the Copy Trading Gold&FX Fiesta are perfect for those who want to start trading without spending hours analyzing the markets. Moreover, as Li points out, you can copy trade up to 10,000 USDT per 

, giving you the flexibility to maximize your potential rewards.

This Learn 101 livestream session delivers valuable insights about Copy Trading Gold&FX Mastery, showcasing how copy trading simplifies the process of learning from seasoned experts. With Bybit’s demo function, you can practice copy trading strategies risk-free, allowing you to gain confidence without any financial exposure. Getting started is easy — just 

Learn Live ICYMI: Trade Gold&FX Like a Pro

Compete for 2,500 USDT USDT Every Week

Learn Live ICYMI: Trade Gold&FX Like a Pro

Grab Up to 5,000 USDT in Rewards

Compete for 2,500 USDT USDT Every Week

Grab Up to 5,000 USDT in Rewards