This paper investigates the interaction between global risk and uncertainty and the Bitcoin market using monthly data for August 2020-September 2024. In this context, three major global risk and uncertainty indices were used, namely the Global Geopolitical Risk Index, the World Uncertainty Index, and the Global Economic Policy Uncertainty Index. The findings reveal a negative relationship between Bitcoin prices and global risk and uncertainty indices, indicating that high uncertainty results in a decrease in Bitcoin prices. Similarly, it was determined that Bitcoin prices harm other uncertainty indices except for global geopolitical risk. The paper indicated that Bitcoin will have a diversifying effect under global geopolitical risk, world uncertainty, and global economic policy uncertainty shocks. It can be said that this study provides valuable information to investors on creating their portfolios under global risk and uncertainty conditions, and to governments on directing cryptocurrency markets and subjecting these markets to supervision.