Do cryptocurrencies improve hedging and safe-haven properties for equity markets of global cryptocurrency adopter countries? A comparison with gold

Purpose This study provides empirical evidence on the hedge and safe-haven properties of cryptocurrencies and gold against stock markets in countries with global cryptocurrency adoption. Design/methodology/approach The analysis employs a wavelet quantile correlation framework to capture the time–frequency and quantile-dependent dynamics between cryptocurrencies, gold and stock markets. The sample period spans from January 2018 to March 2025. Findings The findings revealed that Bitcoin and gold display heterogeneous hedging and safe-haven properties across the stock markets of high and low cryptocurrency adopters. In addition, the regression results showed that gold reserves, inflation, the world uncertainty index and forex reserves may partially explain the dissimilarity of hedging and safe-haven properties. Originality/value The study empirically examined the hedge and safe-haven properties of Bitcoin and gold utilizing a Wavelet quantile correlation framework. The findings offer crucial insights on hedging and safe-haven properties across the stock market countries of high and low cryptocurrency adopters.