If you think that the turmoil in Iran and the rest of the Middle East has nothing to do with bitcoin, think again. The king of cryptocurrencies has traded bullishly ever since the conflict between the U.S. and Iran started. bitcoin has pushed higher each time tensions were heightened.
Is it just a coincidence or is bitcoin becoming the safe haven asset crypto enthusiasts hope it would be? My money is on the latter. It’s possible that the smart money are hedging with bitcoin. This could trigger the cryptocurrency’s ascent to new all-time highs.
On Jan. 3, President Trump authorized a drone strike to assassinate Iranian high-ranking military official Qassem Soleimani. Since news of the attack broke, bitcoin has been feverishly rising. It’s not the only asset to rise.