Bitcoin is Showing Geopolitical Value Beyond Digital Gold Amidst US-Iran War: Bitwise CIO

Bitcoin is beginning to show a role beyond its long-standing digital gold narrative as geopolitical tensions reshape global finance, according to Bitwise Chief Investment Officer Matt Hougan. In a recent memo, Hougan said Bitcoin’s price action during the US-Iran war points to a broader shift in how the asset is being valued by the market. He said the latest rally reflects growing interest in Bitcoin not only as a store of value but also as a neutral asset for cross-border settlement. Bitwise said Bitcoin gained about 12% from late February through early April, a period marked by military tension involving the United States, Israel, and Iran. Over the same stretch, the S&P 500 fell 1% and gold dropped 10%, based on the figures cited in the firm’s note. That performance stood out because Bitcoin has often been treated as a high-risk asset that tends to weaken during periods of geopoliti