Against the backdrop of the conflict between Iran and Israel, the debate resumed the thesis again in the investment community that Bitcoin can replace real gold. The reason for disputes was a multidirectional reaction of Bitcoin and gold prices at the end of last week amid the aggravation of the conflict between the two countries. However, experts believe that assets do not have to compete. According to the General Director of the Bitwise Management company Hunter Horsley, the flows of money into bitcoin can flow not from gold, but from the US government bond markets, writes RBC Crypto.
During geopolitical and other crises, investors tend to buy assets that can protect their capital from risks. Traditionally, one of these assets is considered gold. However, in recent years, many crypto -investors have been promoting the thesis of “digital gold”, which bitcoin also acts as a protective asset from crises. Oil prices jumped against the background of Israeli attack on Iran
“Israel attacks Iran. Oil prices jumped by 5%, and S&P futures fell by 1.5%. In response, investors seeking a safe shelter buy gold, as a result of which its price increased by 0.85%. Meanwhile, investors drop bitcoin, as a result of which its price fell by 2%. How can someone consider Bitcoin a digital version of gold? ”, Wrote the famous critic Bitcoin and a supporter of gold, the head of the Euro Pacific Capital investment company Peter Shif.
Starting from June 13, the price of gold increased by about 3% to $ 3.42 thousand per ounce according to TradingView. During the same time, bitcoin grew by about 1.5% to $ 107 thousand, falling before these almost 3%. Both assets are traded near their historical maximums of about $ 3.5 thousand and $ 112 thousand. However, the gold increased by 31% since the beginning of 2025, becoming one of the most successful assets in 2025, while Bitcoin added only 14% for the same period.
“Sometimes bitcoin is considered as a safe shelter, but in fact it often moves in a leg with technological actions, and not with gold. Due to this connection, bitcoin and gold can demonstrate opposite price trends during geopolitical crises, ”said Tiger Research, Jay Joe’s senior analyst.
Basically, investors are drawn with gold due to the scarce nature of both assets. While, for example, as an emission of shares of companies, it can be changed at any time, gold and bitcoin are not subject to such influence. Supporters of bitcoin, in turn, also note that gold cannot be transmitted and stored as easily as bitcoin. With the advent of the new administration in the United States and after Donald Trump entered the post of president, officials also began to celebrate the similarity of Bitcoin with gold, for example, the head of the Fed Jar Powell said that people use Bitcoin as virtual, digital gold, noting that the main cryptocurrency is “not a competitor to the dollar”.
Other experts see the limited influence of geopolitics on the price of bitcoin in the current conditions.
“At the moment, Bitcoin is influenced by more fundamental factors than problems in the Middle East,” said Stephen Vundka, Director of Strategy in Algoz, who is engaged in investment in cryptocurrencies, adding that June is a traditionally calm month for bitcoin and that the market is in the consolidation phase.
Nevertheless, Wundka added that if there is “any significant escalation in the Middle East”, this may affect bitcoin and lead to a drop in prices below $ 100 thousand.
Despite the seemingly opposing camps (bitcoin and gold), some companies use both assets to build their business. So, for example, the issuer of the largest stablecoin in the world of USDT – Tether, acquired in the beginning June 34% of a share in the company oriented to the gold elemental altus. According to Tether, Paolo Ardoino, investments reflect the company’s confidence in the fundamental principles of gold and its decisive role in financial markets. “
The market has changed
In addition, investors who consider gold to be a traditional asset-guide have not yet entered the cryptocurrency market, Wundka believes. And they are unlikely to turn to other assets.
However, this is not the only category of investors who could change their preferences towards Bitcoin at the moments of market stress.
The General Director of the Bitwise Management Assets Hunter Horsley noted that Bitcoin money may not come from traditional gold, but US government bonds, which previously performed the same protective function as gold.
Horsli expressed such an idea to the message of the economist Mohamed El Erian, who pointed out the barely noticeable reaction of the yield of the US government bonds to the conflict of Iran and Israel: “Flowing of funds occur, they simply do not go to treasury bonds, as historical experience suggests.”
“Opportunities for bitcoin are not only gold. This is more than $ 30 trillion using treasury bonds as a means of savings, ”Khorsley wrote in response to the observation of El Erian.
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Source: Cryptocurrency
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