Bitwise: Bitcoin Beats Gold and the S&P 500 as Geopolitical Risks Rise

Bitwise analysts cited by The Block said Bitcoin has gained 12% since U.S.-Israel airstrikes on Iran on February 28, far outpacing gold, which has fallen 10%, and the S&P 500, down 1% over the same stretch. Bitwise described Bitcoin as a "dual bet": a challenger to gold's role as the world's primary store of value, and a potential currency for international trade settlement. The firm argued that a more fragmented global financial system and the growing use of financial infrastructure as a geopolitical tool are pushing countries to look at non-sovereign, decentralized assets. It also pointed to Iran's recent openness to accepting Bitcoin for payments tied to oil shipments as further evidence of that shift. Bitwise added that rising geopolitical instability and uncertainty around the global financial system could strengthen Bitcoin's safe-haven appeal, with the potential to anchor long-term pricing around a $1 million baseline.