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This time, there are no safe-haven assets. From February to now, gold has fallen 25%, and BTC has fallen 42%. All in the same war.
This time, there are no safe-haven assets—only assets that have had their liquidity taken.
That’s how the textbook puts it: with geopolitical conflict, buy gold; with currency devaluation, buy BTC.
When these two things happen at the same time, the two assets that should rise should go through the roof.