Treasury bonds are losing their status as safe-haven assets, Mohamed El-Erian says

• The Treasury market seems to be losing its appeal as a safe-haven investment, Mohamed El-Erian told CNBC.
• Despite turmoil in the Middle East, yields have climbed as traders continue to dump bonds.
• Assets that aren't usually deemed as risk-free, such as bitcoin and equities, are becoming the new safe havens.

The Treasury market is losing its appeal as a safe haven, Mohamed El-Erian told CNBC on Thursday.

While spasms of geopolitical turmoil would normally be a classic reason for investors to pile into the market for US government debt, the economist pointed out that this has hardly happened in recent weeks, despite flaring tensions in the Middle East.