Just a sarcastic comment: If Elon tweets something about bitcoin, it drops 0-5%. If he tried the same with gold, it wouldn't drop. It's because of this below.
So if Bitcoin is store of value like gold and does the same as Gold then why isn't it classed as Risk Off status like Gold?
Because, when an asset has a small market cap, it can be easily manipulated. Bitcoin, currently, isn't as volatile as it was three or four years ago, but it has still room to grow and be considered a “safe haven”. Not all people believe that it's somewhat a digital gold.
Remember that: Society needs time to digest changes.
In may this year btc dropped like 50%. Volatile like 3-4 years ago right or isn't?