Bitcoin rallied about 1.6% Friday, coming close to setting a new record despite widespread economic uncertainty.

The cryptocurrency traded at over $122,000 – just below the all-time high of about $124,000 that it notched in August.

The rally is a signal that investors may be viewing Bitcoin as another safe-haven asset , like gold, as the US government shutdown continues.

The cryptocurrency traded at over $122,000 on Friday. REUTERS

Spot gold jumped 0.5% early Friday to $3,876.55 per ounce. Prices have gained more than 2% this week – and gold futures have soared over 46% so far this year.

“That correlation with gold has picked up. Bitcoin is often thought of as digital gold because of its limited supply,” Alex Saunders, Citi’s head of quant macro research, told CNBC’s “Closing Bell

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