Is Bitcoin a Risk-On or a Risk-Off Asset? Maybe It’s Neither

As such, it is probably more accurate to refer to bitcoin as an aspirational store of value. Yes, a borderless, permissionless, uncensorable, sound monetary system-of-value transfer with a predictable monetary policy is theoretically a great store of value, but until that narrative penetrates more than 100 million people, the other 7.8 billion people won’t view that system as a store of value, and that narrative will prevail. For now.