Interesting what’s happening in the markets these days. The situation in Iran continues to be a hot topic, and as always in these cases, investors are divided between those fleeing to safe-haven assets and those seeking opportunities.

Bitcoin has just surpassed $73,700, a significant boost that reflects this very dynamic. What’s striking is how the reaction has remained relatively contained despite geopolitical tension. Usually, when an international crisis erupts, stock markets panic, but this time it seems different.

What few notice is the connection with the crude oil price. When tensions in the Middle East rise, crude oil prices go up, and this usually scares equity investors. But Bitcoin? Bitcoin is moving in the opposite direction precisely because it’s seen as a hedge against uncertainty. The crude oil price remains high, but the crypto market is absorbing the situation well.

In my opinion, what’s happening is that institutional investors are using Bitcoin as a hedge against inflation that could result from a potential rise in energy prices. If crude oil prices continue to climb, inflation could accelerate, and Bitcoin becomes attractive for exactly that reason.

The subdued reaction of the stock market is interesting because it suggests that investors don’t see the situation as catastrophic in the short term. But those watching Bitcoin know there’s an opportunity for diversification here. Anyway, I will continue to monitor how the crude oil price evolves in the coming days, because it could be a good indicator to understand where overall sentiment is heading.