Standard Chartered’s latest analyst note suggests that Bitcoin‘s (CRYPTO: BTC) recent price action reaffirms its role as a hedge against traditional financial system issues rather than geopolitical tensions.
What Happened: The bank’s analysts point out that Bitcoin’s price weakness amid Middle East tensions demonstrates it is “not a safe haven against geopolitical concerns.”
This observation aligns with their previous analysis from May, following the April Israel-Iran situation. Instead, they argue that Bitcoin serves as “a hedge against TradFi issues such as bank collapses, such as SVB in March 2023, or de-dollarization/U.S. Treasury sustainability issues.”
The note highlights a “circularity” in Bitcoin’s relationship with current events. …
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