Yesterday, the price of Bitcoin hit the $8,000 mark again even amidst brewing unrest in the world. In a considerably short period, king coin has moved from levels not far above $7,000 to almost hit $8.500. This is in the wake of the current problemsthe between the U.S. and Iran.
It has been posited that Bitcoin’s rise should be attributed to the tensions between the two countries. Days ago, the U.S. government released a statement confirming that it killed Iranian General Qassem Soleimani in an airstrike.
Just like the price of oil surged, Bitcoin has also reared its head just as Iran launched counter-attacks at a military base in Iraq. While there are different reports on whether or not there were casualties, some good news came out of the tension for Bitcoin. Gold and oil both surged as well, with the later jumping more than 4%.
The timing of Bitcoin’s rise supports the idea that the coin is the perfect hedge against fiat. As tensions continue to build, the world is in fear of a third world war. Even though that might be an exaggeration, the possibility that fiat will deteriorate in response is possible. If that happens, Bitcoin just might be the right response.
As Bitcoin’s halving draws closer, forecasts have suggested a $90,000 tag. If the tensions aren’t doused, maybe prices will shoot higher.
Bitcoin has however fallen and is currently just a little over $8,100.
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