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. 2020 Jun 4;54:101248. doi: 10.1016/j.ribaf.2020.101248

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© 2020 The Authors

Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID-19. The COVID-19 resource centre is hosted on Elsevier Connect, the company's public news and information website. Elsevier hereby grants permission to make all its COVID-19-related research that is available on the COVID-19 resource centre - including this research content - immediately available in PubMed Central and other publicly funded repositories, such as the WHO COVID database with rights for unrestricted research re-use and analyses in any form or by any means with acknowledgement of the original source. These permissions are granted for free by Elsevier for as long as the COVID-19 resource centre remains active.

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Fig. 1 — Relative portfolio risk for different Bitcoin allocation weights (April 2010–April 2020). Relative MVaR (MCVaR) shows the increase in MVaR (MCVaR) for a portfolio with proportional allocation to Bitcoin relative to a portfolio holding only the relevant equity index. MVaR and MCVaR are estimated using a 1% confidence level.