The dichotomy between risk assets and safe-haven assets has become obsolete. The mental framework of debating whether BTC is risky or a safe haven is no longer meaningful.

All assets are essentially liquidity assets, differing only in their beta relative to liquidity. The direction and changes in macro liquidity determine everything: during tightening, capital clusters around blue chips, such as current AI, until tightening descends into collapse; gold at elevated levels may be rife with speculation, while BTC, which falls first, may absorb the overflow after the bubble bursts.

There is no eternal risk or safe haven—the only meaningful distinction is the relative value of assets within the current liquidity environment. If one must seek absolute safety, only cash qualifies, yet sovereign currency cash remains constrained by the stability of sovereign credit. Therefore, even cash is not absolute.