<mets:mets OBJID="eprint_76432" LABEL="Eprints Item" xsi:schemaLocation="http://www.loc.gov/METS/ http://www.loc.gov/standards/mets/mets.xsd http://www.loc.gov/mods/v3 http://www.loc.gov/standards/mods/v3/mods-3-3.xsd" xmlns:mets="http://www.loc.gov/METS/" xmlns:mods="http://www.loc.gov/mods/v3" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"><mets:metsHdr CREATEDATE="2026-05-14T07:47:15Z"><mets:agent ROLE="CUSTODIAN" TYPE="ORGANIZATION"><mets:name>Institutional Repository UIN Sunan Kalijaga Yogyakarta</mets:name></mets:agent></mets:metsHdr><mets:dmdSec ID="DMD_eprint_76432_mods"><mets:mdWrap MDTYPE="MODS"><mets:xmlData><mods:titleInfo><mods:title>EFEKTIVITAS BITCOIN SEBAGAI SAFE HAVEN DAN INSTRUMEN HEDGING DALAM PORTOFOLIO MULTI-ASET SELAMA MASA KRISIS 2022–2025 : PERSPEKTIF MAQASHID SYARIAH</mods:title></mods:titleInfo><mods:name type="personal"><mods:namePart type="given">NIM.: 22108030045</mods:namePart><mods:namePart type="family">Ghazy Syahrul Haq Kamal</mods:namePart><mods:role><mods:roleTerm type="text">author</mods:roleTerm></mods:role></mods:name><mods:abstract>This study aims to analyze the effectiveness of Bitcoin as a safe haven and hedging instrument in a multi-asset portfolio during the global crisis period (2022–2025) and to evaluate its legality from an Islamic economic perspective. Employing a quantitative approach with Dynamic Conditional Correlation (DCC-GARCH) and Quantile Regression models, this study finds that Bitcoin failed to function as a safe haven during the Systemic Contagion phase (2022) as it exhibited extreme positive correlation with the stock market; however, it proved effective as a selective hedge against fiat currency depreciation (USD) during the 2023 banking crisis. Performance evaluation using Post-Modern Portfolio Theory (PMPT) reveals a "Volatility Paradox," where the addition of Bitcoin lowered total variance but worsened performance efficiency (Sortino Ratio) due to high tail risk. Based on Maqashid Shariah analysis utilizing Jasser Auda's Systems Approach, Bitcoin's status is concluded as Mubah Muqayyad (Conditionally Permissible)—specifically permissible for long-term investment (Hajiyyat) with a minority allocation (&lt;5%) to preserve wealth (Hifzh al-Mal), but prohibited for emergency funds (Dharuriyyat) due to liquidity risks bordering on speculation (Maysir).</mods:abstract><mods:classification authority="lcc">297.273 Ekonomi Islam / Fiqih Muamalah</mods:classification><mods:originInfo><mods:dateIssued encoding="iso8061">2026-01-23</mods:dateIssued></mods:originInfo><mods:originInfo><mods:publisher>UIN SUNAN KALIJAGA YOGYAKARTA;FAKULTAS EKONOMI DAN BISNIS ISLAM</mods:publisher></mods:originInfo><mods:genre>Thesis</mods:genre></mets:xmlData></mets:mdWrap></mets:dmdSec><mets:amdSec ID="TMD_eprint_76432"><mets:rightsMD ID="rights_eprint_76432_mods"><mets:mdWrap MDTYPE="MODS"><mets:xmlData><mods:useAndReproduction>
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