Bitcoin’s long-running narrative as ‘digital gold’ is colliding with a harsher reality: when geopolitical stress hits, investors still run to traditional havens, while crypto behaves more like a risk asset—and the parts of the crypto stack that do see crisis-driven demand are often ‘dollar-linked stablecoins’, not Bitcoin (BTC). The shift became difficult to ignore after the Feb. 28 strike on Iran by the U.S. and Israel, a major geopolitical shock that arrived after ‘institutional participation’ in digital assets had become mainstream.
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