According to The Block, Bitwise CIO Matt Hougan stated in a recent client memo that Bitcoin's recent strength is not a return to "risk appetite," but is related to the fragmentation of the global financial system caused by geopolitical conflicts. He said that since the start of the US-Israel airstrikes on February 28, Bitcoin has risen about 12%, while the S&P 500 has fallen about 1% and gold has fallen about 10%. He believes that Bitcoin is both a "value store" benchmarked against gold and a "cross-border settlement currency" bet; he proposed that in some scenarios, $1 million may no longer be the upper limit but could become a "benchmark price."
According to The Block, Bitwise CIO Matt Hougan stated in a recent client memo that Bitcoin's recent strength is not a return to "risk appetite," but is related to the fragmentation of the global financial system caused by geopolitical conflicts. He said that since the start of the US-Israel airstrikes on February 28, Bitcoin has risen about 12%, while the S&P 500 has fallen about 1% and gold has fallen about 10%. He believes that Bitcoin is both a "value store" benchmarked against gold and a "cross-border settlement currency" bet; he proposed that in some scenarios, $1 million may no longer be the upper limit but could become a "benchmark price."