Will the borderless nature of Bitcoin be amplified or diminished by global political risks?

This is an interesting question, and the answer is: it can both amplify and weaken its borderless nature. It's like a double-edged sword, and the specific outcome depends on the type of political risk.

Let's discuss this separately:

When does political risk "amplify" Bitcoin's borderless nature?

Imagine, when a country experiences the following situations, Bitcoin's "borderless" nature becomes particularly useful:

Economic Instability or Currency Collapse: For example, if a country's currency devalues due to inflation, 100 units today might be worth only 50 tomorrow. To protect their hard-earned money, people will look for more stable assets. Gold is one option, but it's difficult to take out of the country. This is where Bitcoin, as "digital gold," shines. As long as you have internet access, you can transfer assets anywhere in the world within minutes, free from the control of local banks and governments. Many people in countries like Venezuela and Argentina have done exactly this.
Capital Controls: Some countries impose restrictions to prevent capital outflow, such as limiting how much foreign currency individuals can exchange annually or making international remittances cumbersome. Bitcoin bypasses these controls because it doesn't operate through any national banking system. If you want to transfer assets to relatives abroad or take your wealth with you when you emigrate, Bitcoin offers a "secret channel" to circumvent these regulations.
Political Unrest or War: In times of war or political instability, banks might close, or the entire financial system could collapse. Money you've deposited in a bank might become inaccessible, or your accounts could be frozen. However, if you hold Bitcoin, as long as you remember your private key (which is like a password), your assets remain secure and untouchable, even if you flee to the ends of the earth, provided you have internet access. For those in perilous situations, this offers a form of security.

In these scenarios, the greater the global political risk, the more people will realize the fragility of traditional financial systems. Bitcoin's attributes as a "safe haven" and a "free pass" will be increasingly recognized and utilized, naturally amplifying its value and influence.

When does political risk "weaken" Bitcoin's borderless nature?

Conversely, some political risks are specifically aimed at Bitcoin, making its existence more challenging.

Global Coordinated Regulation: What Bitcoin fears most isn't a ban by a small country, but rather major global economies like the US, China, and the EU joining forces to "impose rules" on it. For instance, they could mandate that all exchanges strictly enforce "KYC" (Know Your Customer) policies, requiring real-name verification for buying and selling Bitcoin, just like opening a bank account. This would significantly reduce Bitcoin's anonymity and freedom, diminishing its "borderless" nature as it gets pulled back into national regulatory frameworks.
Crackdown on Exchanges: The vast majority of ordinary people buy and sell Bitcoin through centralized exchanges (e.g., Binance, Coinbase). If a powerful government decides to shut down or severely penalize these exchanges, the barrier for ordinary people to participate in Bitcoin trading would become very high. You would then have to resort to more complex and riskier methods like over-the-counter (P2P) trading, which would severely hinder its circulation.
Cutting Off Infrastructure: Bitcoin's operation relies on two things: miners and the internet. If a country (especially one that previously hosted a large number of miners, like China) completely bans mining, it would temporarily impact the security and stability of the entire network. More extremely, if a region's internet access is cut off, Bitcoin transactions and transfers would become impossible, rendering its "borderless" nature moot.

In summary:

You can understand it this way:

When risks occur in the traditional world (e.g., a country's economic collapse), Bitcoin acts like a Noah's Ark, and its value and "borderless" advantages become prominent.
When risks are specifically targeting Bitcoin itself (e.g., global coordinated regulation), the navigation of this "ark" will face various restrictions, and it might even be dragged into port for strict supervision, thus weakening its "borderless" advantage.

Therefore, Bitcoin's fate is closely tied to the global political landscape. It seeks opportunities amidst chaos but constantly faces the risk of being "co-opted" or "besieged" by the existing order.