Bitcoin, ETH, XRP, and Solana are facing pullbacks today ahead of Friday’s crypto options expiry. The crypto market sentiment has significantly improved this week, with traders expecting upside momentum amid strong spot ETF inflows. Crypto liquidations surged to almost $450 million, with almost a similar amount of short and long liquidations. In addition, US-Iran peace
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]]>Bitwise Chief Investment Officer (CIO) Matt Hougan has explained why the Bitcoin price has shown strength amid the US-Iran war, with the leading crypto rallying above $75,000. BTC is notably up over 12% since the war started, outperforming the stock market and gold.
Why The Bitcoin Price Has Rallied Above $75,000 Despite U.S.-Iran War
In his weekly Bitwise memo, Hougan stated that the Bitcoin price strength during the US-Iran war stems from the conflict itself. He explained that BTC has outperformed gold and the stock market because investors are betting on either of the crypto’s two major use cases or narratives. The first narrative is that Bitcoin will become “digital gold” and so will be able to compete with physical gold in the $38 trillion “store of value” market.
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He noted that this is BTC’s current use case, and this narrative may be why the Bitcoin price has rallied amid the US-Iran war as investors see it as a safe haven rather than a risk asset. The Bitwise CIO described this bet on BTC as digital gold as very attractive and predicted that the leading crypto could reach $1 million if it captures 17% of the store-of-value market.
Meanwhile, Hougan stated that the second bet on BTC is the belief that it might act like a traditional currency, suggesting that this is another reason that it is outperforming during this ongoing conflict. He noted that this second bet is like an “out-of-the-money call option” where it pays off if BTC is used more widely for international settlement.
The Bitwise CIO stated that for most of Bitcoin’s life, it seemed unlikely that it would become a global currency, as until a few years ago, the world relied exclusively on dollar-based financial rails. However, that is now changing. He alluded to Iran receiving BTC for toll payments at the Strait of Hormuz, which has boosted the crypto’s status as a currency and contributed to the Bitcoin price rally.
World Monetary Order Is Flipping In BTC’s Favor
The Bitwise CIO noted that the US-Iran war has made the world monetary order more volatile, but has also increased the probability that Bitcoin will become a global currency. As such, the war has made BTC a more valuable out-of-the-money call option, which is why the Bitcoin price has shown strength during this period.
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Hougan added that with Iran’s move to accept BTC payments, the world has taken a step closer to integrating an apolitical currency into the global financial ecosystem. Therefore, whenever conflicts like the US-Iran war occur, the incentive to invest in apolitical assets like BTC increases, which serves as a catalyst for a higher Bitcoin price.
At the time of writing, the Bitcoin price is trading at around $75,100, up in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pngtree, chart from Tradingview.com
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Bitcoin price surges to a three-week high above $72K as the US and Iran agree on a two-week ceasefire. Investors are reacting positively as US President Donald Trump hints at ending the US-Iran war on Wednesday. Oil prices plunged more than 15% to move around $95 per barrel as Iran agreed to open the Strait
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U.S. President Donald Trump has claimed that the Iranian president has asked for a ceasefire in the Iran war, a statement that caused the Bitcoin price to spike. This comes as the president’s latest deadline for the U.S. to strike Iran’s energy infrastructure approaches. Ad Ad Trump Says Iranian President Has Asked For Ceasefire In
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