Bitcoin (BTC) is again testing its narrative as a crisis hedge, outperforming traditional benchmarks in the wake of renewed U.S.–Iran military tensions. Market watchers say the relative strength versus gold and U.S. equities is being read by some investors as evidence that BTC is increasingly treated as a ‘risk-off’ alternative or an emerging ‘store of value’—even as geopolitics and energy-market uncertainty remain elevated.
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