The true hedging logic of Bitcoin is actually a hedge against sovereign credit risk, not against market volatility.



When hyperinflation occurs (such as in Venezuela) or capital controls are implemented, Bitcoin's "cross-border circulation" and "censorship resistance" features become prominent, serving as tools for asset transfer by the public.

However, during regular war or interest rate hike cycles, it more often exhibits high-risk, high-volatility speculative characteristics.
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