By "safety" many investors with short time horizons just mean low short-term volatility. In those terms gold is much safer than Bitcoin's price discovery. Bitcoin's trust minimization & global seamlessness is safety against bigger risks that grow in longer time horizons.
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Judging by its sharpe ratio of 4.35 (indicating low volatility, high returns), the LTCM hedge fund was extremely "safe". Until it wasn't. https://en.wikipedia.org/wiki/Long-Term_Capital_Management …pic.twitter.com/cZzlNmPlaO
Indeed, there are many ways to use derivatives in a portfolio to artificially lower volatility while actually increasing the long-term risks. Bitcoin isn't a derivative though.
