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The trade war questions Bitcoin's status as a safe-haven asset.
"BTC has always had two key narratives:" a risky asset in the short term, sensitive to liquidity expectations, but also as a store of value in the long term.
Several years ago, many in the crypto community described Bitcoin as a "safe-haven asset." Currently, fewer people call it that.
A safe-haven asset maintains or increases its value in times of economic stress. This can be a government bond, a currency such as the US dollar, a commodity such as gold, or even a blue-chip stock.