At the time of the war between Russia and Ukraine, I gave such an example to discuss whether $BTC is a risk asset or a safe-haven asset; I wrote a tweet about it before.

Address: https://x.com/PhyrexNi/status/1933515215678943319?s=20

The main argument is that although gold is a safe-haven asset, the physical gold or gold contracts or options traded only in one’s own country can be difficult to carry away or liquidate during geopolitical conflicts.

This time in Dubai, although the gold discount is low, it shows this situation as well. When people need to flee their country, a large amount of gold cannot be taken away directly, so they either convert it to currency like the US dollar or to cryptocurrency, such as BTC or USDC, etc.

Of course, the increased holding costs cited by Wu Xiong are also a reason during geopolitical conflicts. Overall, gold's safe-haven status is based on value, but it has poor portability, whereas cryptocurrencies are actually more portable and discreet. Normally, cryptocurrencies are definitely risk assets.

However, if there is a risk of redemption, BTC is easier to carry and redeem, while the transportation and off-site delivery of gold can be much more troublesome. Therefore, gold-backed stablecoins or crypto gold are also very popular, essentially separating from the "local gold delivery system."

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