Bitcoin faced volatility after Israel’s airstrikes on Iran triggered market unrest.
Peter Schiff highlighted Bitcoin’s failure as a safe haven amid Israel-Iran tensions.
Historical data shows Bitcoin often rebounds stronger after geopolitical events.
Bitcoin experienced volatility on Friday following the airstrike by Israel on Iran. The intensification of conflicts shook the world markets, resulting in substantial corrections for the cryptocurrencies. Bitcoin, which was above $107,000 since June 9, briefly fell under $103,000. At the time of press, BTC is at $104,815, showing a 2.23% decrease over the last 24 hours.
The market’s performance amid geopolitical tensions has raised doubts about Bitcoin as a safe-haven asset. Gold supporter Peter Schiff was swift to highlight the difference between Bitcoin and conventional assets in a crisis. Amidst a 5% rise in oil prices and a 1.5% fall in S&P futures, Bitcoin fell by 2%.
Israel attacks Iran. Oil prices jump 5% while S&P futures fall 1.5%. In response, investors seeking a safe haven buy gold, sending its price up 0.85%. Meanwhile, investors dump Bitcoin, pushing its price down 2%. How can anyone consider B…
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