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?
Gold price changes very slowly, the changes are very small.
On the other hand Bitcoin has days with 10% price change... easily.
The result is that you can lose in years with gold less than in one day with Bitcoin.
Just imagine those who bought Bitcoin in the winter of 2017/2018 at over 15k and sold in 2019 4x cheaper...
Yes, on very long term, or if you know when to buy and when to sell, Bitcoin is a great investment. Ah, you need strong hearth too for certain changes in the price.
...While gold just changes a little bit now and then.
All in all I find the risk status pretty much OK for now. I am certain that in some more years (and I hope they won't be many), Bitcoin will also become "risk off".
Is it because Gold has a much bigger market cap than bitcoin meaning it cant be manipulated by a whale pumping gold price like 10% in a day?