As global conflicts escalate, markets are shifting from bonds to assets like Bitcoin (BTC) as "safe haven" stores of value, according to Allianz Chief Economic Advisor Mohamed El-Erian. He believes that the US is heading towards a recession in early 2024 due to the volatile Treasury market and the increasing supply of government debt. El-Erian also noted that investors are losing confidence in government bonds as a safe asset, leading them to turn to Bitcoin and other cryptocurrencies. The digital currency reached a yearly high of $35,000 last week, with some attributing the rally to an upcoming spot Bitcoin ETF and others suggesting it was due to investors seeking alternative safe haven assets.