Bitcoin is a buy due to liquidity and risk-reward.
Despite recent volatility and drawdowns, Bitcoin's long-term setup is strong due to increasing global liquidity from fiscal and monetary policies, and it currently presents a fantastic risk-reward ratio after sharp declines over the past six months.
Long Bitcoin and short gold for relative outperformance.
Bitcoin is likely to outperform gold as liquidity increases and because gold's safe-haven status is challenged during geopolitical tensions, making a long Bitcoin/short gold trade preferable.