Geopolitical tensions are rising. And Bitcoin is feeling the heat. Reports suggest the US could be moving closer to direct military confrontation with Iran.
Any conflict would likely be weeks-long, not a limited strike. Markets are reacting.
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Safe havens diverge
Safe-haven assets are climbing. Gold is up. Silver is up. Oil prices are rising on supply fears. Bitcoin? It’s slipping.
This isn’t how the Bitcoin narrative was supposed to work. Bitcoin was supposed to be digital gold. A hedge against geopolitical risk. A safe haven in times of crisis.
Bitcoin acts like a risk asset
Instead, Bitcoin is acting like a risk asset. When tensions rise, traders sell Bitcoin and buy actual gold.
The correlation with risk assets remains strong. There are explanations. Bitcoin is still a young asset. It’s volatile. Institutions treat it as a risk-on position.
When they de-risk, they sell Bitcoin.
Digital gold? Not yet
But the safe-haven narrative is taking a hit. If Bitcoin can’t rally during geopolitical crises, what is it actually for?
The honest answer might be that Bitcoin is still finding its identity.
Sometimes it’s a risk asset. Sometimes it’s a hedge. Sometimes it’s just correlated with tech stocks.
For now, the data is clear. When war fears spike, Bitcoin sells off. Digital gold? Not yet.
Crypto market researcher and external contributor at Kriptoworld
Wheel. Steam engine. Bitcoin.
📅 Published: February 21, 2026 • 🕓 Last updated: February 21, 2026
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