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.
BTC challenging the global monetary system? With "Wall Street" joining the game, you might as well forget about that. Investors are buying up BTC like crazy not because they're planning to use it as an alternative to Fiat, but rather as a store of value for long-term gains. Just like Gold. And if Gold never managed to challenge the global monetary system, what makes you think Bitcoin will? Centralization looms ahead with every BTC big institutional investment firms and governments buy. Not to mention, centralized exchanges dominate the market.
Only truly-decentralized cryptocurrencies with real use cases as "digital cash" will be able to challenge the existing monetary system. I see Monero as a better choice than Bitcoin in this regard. But to each their own. At least, BTC keeps reaching new ATHs. As long as you're able to make money, nothing else matters.