The question of whether Bitcoin is a risk asset or a safe-haven asset has been discussed many times, and I will mention it one more time.

In the eyes of different people, the attributes of $BTC vary. For high-net-worth investors, BTC may be a safe-haven asset, but what they are avoiding is not the risk of asset depreciation, but the risk of asset acceptance.

During geopolitical conflicts, the first thing countries tend to block is foreign exchange. If one wants to leave the country, many assets cannot be fully taken, such as local gold, stocks, bonds, real estate, and cash. However, BTC is different; during Biden's presidency, many people carried cryptocurrencies when they left.

Of course, some may ask why it can't be USDT or USDC. For ordinary people, stablecoins are the best; however, stablecoins lack the potential for appreciation. For high-net-worth investors, the focus is not on short-term fluctuations but on long-term value. Therefore, it is evident that in recent years, BTC has been shifting towards long-term and high-net-worth investors.

But for small-scale investors, due to BTC's strong volatility, it is inevitably a risk asset. After all, for most investors, BTC is merely a tool for wealth, not wealth itself.