Bitcoin thrives during “risk-on” conditions, while gold prefers “risk-off”
Does it mean Gold has no risk?
I don't think so. Gold value can decrease, too.
But if you look at the price history, the change is not very significant as Bitcoin value.
Investing in gold also has risks, but the risks involved are not as extreme as Bitcoin. The value of gold can indeed go down, but fluctuations in gold prices are very slow and will not be detected in the next 1 year, it will take years. Gold is used for long term investment. Another risk of investing in gold is the high risk of loss, because gold is a precious stone that has value.
All types of investment certainly have risks but with different levels.