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29 March 2020

Crypto Community Eyes US–Iran Crisis As Tensions Flare

Crypto Community Eyes US–Iran Crisis As Tensions Flare

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As reported by Cointelegraph at the time, there is strong evidence to suggest that BTC’s price surge from $7,000 to nearly $8,500 is strongly linked to the tensions between the two nations.

Nigel Green, CEO of the United Kingdom’s deVere Group, said on the matter: “This latest Bitcoin price increase underscores a mounting consensus that Bitcoin is becoming a flight-to-safety asset.”.

Related: Bitcoin Is Becoming More Valuable to Iranians Amid Tensions With US.

That said, the crisis arguably inspired some new respect for Bitcoin and other cryptocurrencies — and also raised some questions.

One might, indeed, see heightened demand for Bitcoin after the past week of tensions in the Middle East “as investors in the region may look to move funds away from traditional investments such as gold or global bonds,” Edward Moya, Senior Market Analyst at OANDA, told Cointelegraph.

Sima Baktas, founder of GlobalB Law told Cointelegraph that global tensions will play a big role in the short term, adding that: .

Bitcoin is living up to its reputation as “digital gold,” Green continued: It is a store of value like gold and is perceived as being resistant to inflation like gold, and, as a result, “it could potentially dethrone gold in the future as the world becomes increasingly digitalized.” .

This is a departure, noted Greenspan, because, until recently, Bitcoin has been seen mostly as an uncorrelated asset that does not react directly to what's happening in other markets

That said, it may be premature to call BTC the new gold

Before declaring crypto as a leading flight-to-safety option like gold, however, it might be wise to reflect again upon what actually happened in Iran when tensions rose in the past year

Still, it seems clear that those who viewed crypto as a totally uncorrelated asset pre-crisis may have to reassess, given that the price of Bitcoin and other cryptos seemed to rise as world tensions ratcheted up, and subside along with the turmoil — much like gold and silver.

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