President of the United States, Donald Trump, made an important update on the war against Iran. He expects that the war will end in three weeks, and a deal with Iran was not a prerequisite for concluding the conflict.
At the same time, the President of Iran, Masoud Pezeshkian, told the EU Council president that Tehran has the necessary will to end this war, but under the guarantee of no more military aggression in the future that might be done by Israel or America. On the contrary, the UAE is preparing to help the United States and allies reopen the Strait of Hormuz by force. This statement makes the UAE the first Gulf state involved in the conflict and causes the rise of the Brent crude price.
Bitcoin and other cryptocurrencies have experienced a slight yet steady increase during the recent geopolitical controversies, hence, it shows significant difference across asset values. The most significant difference is in gold. It experienced a value decline to 12%. This has become the worst value performance of gold as a traditional safe haven. since 2008. The weakness of precious metals seems to continue and increase during the Iran war.
In his email to CoinDesk, Alex Blume, CEO of Two Prime, mentions several factors that increase the value of Bitcoin in the second quarter of this year. First, Bitcoin has increased since Morgan Stanley obtained permission to sell a Bitcoin ETF, which cost only 14 basis points, lower than the average ETF. This allows investors to have direct access to BTC through Morgan Stanley's Bitcoin offerings. Second, Strategy's STRC preferred stock product continues to be successful in funding Bitcoin purchases. And third, the resolution of the Iran war.
Meanwhile, Trump's speech about three weeks target to end the war has not given any exact resolution. This makes the value of Bitcoin may seem steady for an indefinite period.
