BTC - US and Iran conflict very much moving Bitcoin pricessteemCreated with Sketch.

in #bitcoin2 months ago

What's going on overseas is having a big impact on where bitcoin goes in the near term

And who says bitcoin isn't a safe haven, store of value, or risk off play?

If anyone continues to tell you that, just tell em to take a look at this chart:

(Source: https://twitter.com/crypto_rand/status/1215213664409673728)

Timeline of events...

  • Bitcoin started pumping right around the time the US sent a drone strike to take out the Iranian general.

  • Bitcoin continued to pump as Iran says they will retaliate.

  • Then bitcoin pumps some more when Iran launches missiles at nearby US bases.

  • Finally, bitcoin tanks when Trump says they are going to work on deescalation as opposed to escalating things further.

In total, bitcoin moved up about 22% from the lows to the highs during this approximately one week stretch

If you need more convincing beyond just the moves bitcoin made on the news, keep in mind that gold moved in basically identical fashion.

And gold, as we all know, is the quintessential safe haven, store of value, risk off trade.

Keep in mind that bitcoin doesn't ALWAYS trade like this, but I do think that is where it is going as time goes on.

But either way, the next time someone tries to tell you bitcoin is never used as a safe haven, store of value, risk off trade, you know what to do...

Stay informed my friends.

-Doc

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The charts don't lie, true enough @jrcornel :D

Conspiracy theorists drew Batman pattern... it clearly has to pointy ears...

Ha, yes I do see that right at the top there.

I was so hoping for the Spock pattern, but I guess Batman pattern is best they could do...

Spock pattern comes later.

So I may get my lambo but I won't be able to drive it due to all the tanks in the streets and artillery fire. Great.

Just have to buy armored lambo with extra big kevlar wheels... Monster Truck style... Then just drive over the tanks and let artillery fire bounce from the armor...

Depending on where you live, sure.

There's enough correlation here, amongst other past events to show that Bitcoin truly works as a store of value, as volatile as it may be at times. Any time there's a global crisis; the protests in Hong Kong, Venezuela's economic inflation, tensions in the Middle East, ... ; one can expect crypto prices to increase.