When news broke that Iran’s missiles had struck Israel, investors dumped everything – including Bitcoin – for that centuries-old haven.
Crypto evangelists compare Bitcoin to gold because, like the yellow metal, it’s scarce, with a finite supply of 21 million coins. That makes Bitcoin a good store of value and…by extension, a good hedge against rising inflation or collapsing (real) currencies. But the similarities end there.
The more mainstream crypto gets, with ETFs, futures contracts and all the other trappings of TradFi, the more it behaves… like TradFi.
Bitcoin’s decline on Tuesday mirrored its dismal performance almost a year ago, when the latest Gaza conflict began. It’s a pattern.
Sorry, HODLers.
Source: Jeroen Blokland/X
