Bitcoin is beating gold during the Iran war… but is it actually a safe haven?
During the Iran conflict, BTC outperformed gold and even rallied at times, yet every escalation still triggered selloffs and risk-off behavior.
Before the Iran war, 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 failed to live up to that role.
In fact, it continues to trade like a high-beta liquidity asset, which means tighter financial conditions, such as higher real yields, a strong dollar and weaker inflows.
But what do you think, is it a new digital safe haven or not?