Amid the rising geopolitical tensions and Israel’s escalating attacks on Iran, Bitcoin and the broader cryptocurrency market took a beating with BTC price slipping under $60,000, for the second time this week. Risk-off sentiment has kicked in again as money moves back into safe-haven assets like Gold, Bonds, and USD. Bitcoin critic Peter Schiff took this opportunity to slam BTC saying that the asset is no longer Gold 2.0.
Bitcoin Is Not Gold 2.0
Following reports of explosions in Central Iran and Israeli airstrikes in Iraq and Syria, financial markets experienced significant turbulence. Stock futures took a nosedive, while oil prices surged in response to escalating geopolitical tensions. Notably, the price of gold immediately rallied by 1.6%, reaching $2,416, reaffirming its status as a safe haven asset. In contrast, Bitcoin faced a sharp decline of 4%, dropping to $61K, highlighting its susceptibility to volatility during periods of geopolitical uncertainty.
As gold reached a new r
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