When global uncertainty arises, like the war in Iran, investors seek "safe haven" assets, assets that hold value in times of uncertainty. Typical candidates for this task are US dollars, US bonds, and gold.
Since the Iran war began a little over a week ago, given the inflation impact of higher oil prices stemming from the Iran war, US bonds haven't fulfilled much of a "safe haven" role; the US 10 year yield went from 4.04% to 4.16%. The US dollar performed as one would expect, DXY appreciating .9% on the week, being the world's reserve currency. In such a time, the fundamental weaknesses of the dollar are overlooked, and it becomes a safe place.
The big surprise was between gold and bitcoin. In times of uncertainty gold is traditionally the go-to asset; gold has long been deemed the best hedge against inflation and uncertainty. But this time bitcoin beat gold in performance terms; the weekly return of bitcoin was 4.95% and gold was -1.52%, both as of 3/9/26. Bitcoin's move even beat the US dollar.
This was a moment for bitcoin that will surprise many, for bitcoin has long tried to live up to the moniker of "digital gold", a stable store of value in times of uncertainty. Well, since the Iran war broke out, it has shown the same traditional investment characteristics of gold.
Bitcoin has come out like a debutante in a Jane Austen novel. In the society of safe-haven assets, bitcoin is no longer the "forgotten cousin".
Bitcoin's newly established position can be refuted. It has only been a few days, and prior to the outbreak of war bitcoin had been sold down. Strength could have just been short covering. But there seems to be more to it than that. Bitcoin is gaining attention on the back of new utilities and regulatory clarity. Bitcoin is coming into its own, establishing its own place in the investment society, like the forgotten cousin in a Jane Austin novel.
Bitcoin's coming out in the society of "safe haven" assets is good for ALL crypto assets; stable currencies, stable bonds, tokenized equities, tokenized commodities and other assets benefit from bitcoin establishing its position. Acceptance will be bolstered by growing regulatory clarity, and a rise in overall utility.
Even Jane Austen would like it.
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