Risks vary based on the mitigation strategy and the time available for preparation. Only S&P can distantly resemble the volatility of a pure speculative asset which depends on psychology and the amount of extra money in the markets. But even S&P depends on a lot of factors which don't trigger overnight for a knowledgeable investor. It's a snowball but not an avalanche.

BTC has shown itself magically profitable indeed, but its value could only be kept by the ability of holders to keep the asset. Most marriages and some jobs will endure even in the toughest times.