Bitcoin rebounds during Iran war, but safe haven role unproven
Bitcoin is beating gold during the Iran war, but its dependence on liquidity cycles keeps the safe haven narrative in question.
Before the Iran war broke out, Bitcoin spent months trading sideways while gold rallied to record levels.
At the time, gold was seen as the go-to safe haven; inflation concerns remained persistent and geopolitical tensions continued to build, while Bitcoin (BTC) failed to live up to that role.
Nearly a month after the US and Israel launched the first strikes on Iran on Feb. 28, that view is being challenged. Bitcoin initially fell to $63,176 on the news of the attacks but has since risen about 12% to $71,012, as of Wednesday.
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