Thought carefully about safe-haven assets. The safe-haven asset that most ordinary people need might not actually be BTC. In fact, based on most people's understanding of safe-haven assets, there are probably four key attributes: - Tied to most liabilities and collateral, usable for settlements - Easily liquidated - Can be used as collateral - Provides risk-free returns It seems like the only thing that meets these four criteria is the US dollar. On the other hand, BTC is actually a safe-haven asset *against* the US dollar—specifically, a hedge against fiat currency credit collapse and inflation caused by monetary easing. If we remain in a state of controlled inflation, avoid monetary easing, and maintain stable fiat currency credit, BTC's safe-haven narrative is hard to push to the forefront. Instead, it’s more likely to be positioned as a scarce asset for allocation.