Usually, when safe-haven assets are mentioned, the most common option that comes to mind is gold. Throughout history, this asset has offered investment alternatives in times of financial turbulence and high volatility. However, the increasing popularity of cryptocurrencies and their alternative to traditional cash, especially during the beginning of the COVID-19 pandemic, is undeniable. This study examines during the observation period from July 1, 2019 to April 6, 2020 (including within this period the declaration of the WHO COVID-19 pandemic) the relationship between the returns of the ETFs that represent the Peruvian and Chilean stock markets and the cryptocurrency (Bitcoin) to show whether the latter has provided diversification or safe haven benefits during turbulent times. According to the results obtained, we find that the most used cryptocurrency worldwide is not suitable to be c...