Bitcoin (BTC 1.28%) has had a wild day, falling as much as 8.4% in the last 24 hours as of 4:15 p.m. ET and then climbing to a small gain of 1.8% as I'm writing. The drop in value was in response to Russia invading Ukraine, and a broad sell-off in cryptocurrencies and the stock market overall. 

Why today was a problem for Bitcoin

One of the cases for Bitcoin over the last decade has been its decentralized nature and ability to hedge against the increasing supply of traditional currencies. That thesis has taken a hit over the last few months as Bitcoin has traded more correlated with growth stocks and hasn't hedged inflation at all.

Decentralization has also taken a hit as countries like Canada have made attempts to freeze crypto accounts. 

Bitcoin graphic disintegrates bit by bit.

Image source: Getty Images.

Today's reaction also undermines Bitcoin's case for being digital gold. In fact, gold traded higher when the invasion began, while Bitcoin dropped. Investors seeking safe havens chose gold, not Bitcoin, when panic was at its worst.

Is Bitcoin a buy today? 

I think it's a tough day to be bullish on Bitcoin. The cryptocurrency has proven not to be a very good hedge for inflation over the past year and in the last 24 hours has shown that it isn't a safe haven for investors either. I'm leaving this move alone. If I owned Bitcoin, I would be selling the bounce later in the day in favor of some growth stocks that have more cash flow potential long term.