Bitcoin's 12% gain since the Iran war began isn't a risk-on trade. It's the market repricing bitcoin's role as a neutral settlement layer, Bitwise's CIO argues. Bitcoin has surged about 12% during the Iran war even as stocks and gold fell, challenging its reputation as merely a high-beta tech asset. Bitwise CIO Matt Hougan argues investors are now valuing bitcoin as both "digital gold" and a call option on its future use as a real currency, a shift accelerated by Iran’s…
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