The dichotomy between risk assets and safe-haven assets has become obsolete. Thinking about whether BTC is a risk or a safe haven is no longer meaningful. All assets are essentially liquid assets, with the only difference being their Beta in relation to liquidity. The direction and changes in macro liquidity determine everything: during tightening, funds flock to blue chips, like the current AI, until tightening leads to a collapse; gold may be filled with speculation at high levels, while BTC, which declines first, may absorb the overflow after the bubble bursts. There is no eternal risk or safe haven; the only meaningful consideration is the relative value of assets in the current liquidity environment. If one must seek an absolute safe haven, it can only be cash, but cash in sovereign currencies is still subject to the stability of sovereign credit. Therefore, cash is not absolute either.