Is Bitcoin a risky asset or a safe-haven asset?

On the one hand, as an emerging asset over the past decade, Bitcoin has the characteristics of a risky asset. On the other hand, Bitcoin rose rapidly in the last bull market, which had an extremely negative impact on the future economy, so that Wall Street compared Bitcoin to digital gold.
At the low point and peak of the last bull market, everyone was operating and discussing the Great Depression. These were completely driven by the epidemic, and everyone had very negative emotions about the economic cycle expectations. It can be found that Bitcoin was around US$4,000 at the end of 2019 when the epidemic began. As everyone's pessimism about the economic cycle continued to rise, it climbed all the way to the peak in 2021. What are people discussing in 2021? In 2021, everyone was discussing that the epidemic seemed not as serious as everyone imagined, and various economic and trade activities began to return to normal. Bitcoin began to see a large amount of capital outflows as market expectations. So I feel that it is not unreasonable for Wall Street to regard Bitcoin as digital gold. For large traditional institutions, they prefer to look at cyclical performance. Bitcoin has experienced many major economic changes in the past decade, but none of them have as large a scale of capital inflows as the epidemic began in 2019. Looking back, we will find that that stage can be described as crazy. If the negative impact of the epidemic does not subside in 21 years, I think the peak of the last bull market should be more than five digits.

Although Bitcoin still has the "risk asset attributes of emerging assets, in the long run, Bitcoin is already moving towards the safe-haven asset stage, and only safe-haven assets can push Bitcoin to a higher stage." If the process of turning from risky assets to safe-haven assets cannot be completed, I think Bitcoin will not continue to break new highs in the future. The current volume of Bitcoin has exceeded the range that risky assets can bear. No risk asset in history has such a huge volume.

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