Bitcoin has proven itself to be trustworthy, in less than two decades of it's creation it has gained so much reputation that it is called digital gold which clearly means that it is widely accepted as a store of value. Many currencies have been affected by inflation, it is easy for a government to print more fiat thereby devaluing their currency but Bitcoin limited supply has given it trust and people can hold it for long term instead of traditional currencies in a bank. Bitcoin can react to negative news and dip but it will only be for a short term and it will recover and rally, that is why it is a valued asset.
Keeping a large amount of money in fiat is the biggest mistake anyone can make. Interests in bank fixed deposits or savings accounts might not cover the inflation rate. Bitcoin price might be unstable but hodling it is far profitable and safer than holding any other currency. Bitcoin is gradually establishing itself as a safe haven and a potent hedge against inflation.
In short, BTC can be said to challenge the global monetary system. Because fiat money is freely printed without gold backing, inflation and interest rates in the monetary system can be overcome by BTC's deflationary system. Therefore, if we keep our money in a bank, especially a deposit, it will become worthless due to inflation. This also relates to how safe Bitcoin is amidst global economic turmoil; the answer is, of course, very safe. Although Bitcoin was created to challenge the financial system, it has many flaws, and Bitcoin will certainly be safer during economic uncertainty because it can withstand inflation.
Bitcoin is indeed volatile, but if we look at its price from past to present, Bitcoin is the best asset to use as a hedge in any economic situation. So, for me, Bitcoin, besides being able to create financial freedom in the future, is also the best asset to own during economic downturns.