Bitcoin (BTC) records stronger performance than gold since the Iran conflict erupted in February 2026. Amid escalating geopolitical tensions, the largest crypto asset actually moved upward while gold lost its momentum.

Data from several market trackers show Bitcoin increased by about 7% to 10% during the war period. In contrast, gold prices tended to stagnate and even corrected more than 3% in recent weeks.

This rise caused the Bitcoin-to-gold ratio to spike sharply to around 36%. This situation draws attention because gold is usually more dominant as a safe-haven asset when global conditions are uncertain.

Analysts see the heavy flow of funds into Bitcoin ETFs and the growing narrative of “digital gold” as the main factors driving the BTC rally. On the other hand, the strengthening US dollar and rising real yields are beginning to weaken gold’s appeal.

This phenomenon is seen as a major test for Bitcoin as a hedge asset amid real-world conflicts. Although it initially plummeted at the start of the war, Bitcoin was able to recover faster and is now increasingly viewed as a new alternative to gold.

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