Bitcoin (CRYPTO: BTC) is up 12% since the Iran war began, outperforming gold by 22 percentage points as the cryptocurrency emerges as an apolitical alternative to weaponized financial rails, according to Bitwise’s Matt Hougan.
The Surprising Performance
Bitcoin has performed well since the start of the Iran conflict on February 28, catching many off guard. The S&P 500 (NYSE:SPY) lost 1% over the same period.
Many assumed Bitcoin would fall during a risk-off geopolitical shock. Some pundits argued geopolitics is irrelevant for Bitcoin, while others pointed to war-driven money printing as the explanation.
Both arguments are wrong, according to Bitwise CIO Matt Hougan. Bitcoin’s strength during this crisis stems directly from the conflict itself.
The Two Bets
Buying Bitcoin makes two …