The United States used B-2 "stealth" bombers yesterday morning to carry out airstrikes on Iranian nuclear facilities in Fordow, Natanz, and Isfahan. In the evening, the Iranian parliament overwhelmingly passed a resolution to close the Strait of Hormuz, which, although still awaiting final approval from the Supreme National Security Council, caused immediate tremors in global markets.
At the time of writing this report, Bitcoin was trading at its lowest at $99,066, falling below the $100,000 barrier. This is the lowest level since May 8.
Ethereum fell further, breaking the $2,200 level, with the lowest point reaching $2,155.
The Strait of Hormuz handles about a quarter of global oil transportation. If disrupted, the energy supply chain will quickly become strained. It is understood that Iran possesses land missiles, drones, mines, and small fast boats that can disrupt commercial vessels. However, the American aircraft carriers "Ford" and "Nimitz" have also been deployed in the nearby area and can conduct escort and mine-sweeping operations.
The narrative of hedging escalates: the double challenge for Bitcoin
J.P. Morgan estimates that if the Strait is closed for a long time, oil prices could rise to $120-130 per barrel, which could lead to a global inflationary recession. However, historical experience shows that when inflation expectations rise, Bitcoin is often viewed as a store of value due to its scarcity. Whether Bitcoin can demonstrate its nature as a hedge asset this time is what global investors are watching.
