The World Uncertainty Index just hit 105,000. Higher than Covid. Higher than the financial crisis. Higher than every event on the chart since 1993. The difference this time: previous spikes were events. Events resolve. This is structural. Trade fragmentation. Dollar weaponisation. Geopolitical realignment. These don’t have a resolution date. That changes how you think about portfolio construction. Every prior uncertainty spike saw capital rotate toward perceived safety. The debate now is what “safety” means in a structurally uncertain world. For the first time, that debate includes Bitcoin, not as a speculative asset, but as a non-sovereign store of value outside the system generating the uncertainty. That argument wasn’t credible in 2008. It is in 2026.
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