Depends on the type of risk you're concerned about and your time preference.

If you have a high time preference and you're more concerned with short term price fluctuations, you may want to hold cash or gold.

You may want to HODL Bitcoin if you have a low time preference and you're more concerned about confiscation, debanking, capital controls, or currency debasement.

It depends on your own personal risk assessment and also how much you can afford to lose. Jack Mallers and Michael Saylor for example, have enough Bitcoin that they can handle an 80% drawdown.