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 bets at once. First, you’re betting Bitcoin will become “digital gold” and compete with physical gold in the $38 trillion store…

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