Every major market shock forces investors to revisit the same question about Bitcoin: what kind of asset is it when risk appetite disappears?
During calmer periods, the answer can remain ambiguous. Bitcoin may trade like a technology investment, a scarce monetary asset, a gauge of global liquidity and a speculative vehicle—all at once. Financial stress forces those identities to compete.
That is where the safe-haven narrative becomes difficult to defend without qualification. A conventional refuge is expected to preserve value when funding conditions tighten, portfolios are being de-risked and investors need immediate liquidity. Bitcoin has not performed that role consistently.
During the market turmoil of March 2020, it fell sharply alongside equities as investors rushed to raise cash. It also struggled through much of 2022, when aggressive monetary tightening reduced liquidity and weighed on risk assets. These episodes showed that, in a broad deleveraging event, Bitcoi
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