Israel launched at series of missle towards sights in Iran on 12 June 2025. The markets immediately reacted, with bitcoin dropping around 5% to a price below $103,000.
Bitcoin began recovering from the sudden dip within a few hours from the Israel strikes on Iran, and reached above $106,000 within a day. The usual critics of Bitcoin were quick to point out the bitcoin dip on social media. Notorioius Bitcoin critic, Peter Schiff, questioned how anyone could consider Bitcoin to be digital gold.
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 Bitcoin to be a digital version of gold?
— Peter Schiff (@PeterSchiff) June 13, 2025
However, Bitcoin has shown even big global events such as war only temporarily affect the price of bitcoin. Bitcoin is proving to be a reserve asset to rival both gold and oil.