Bitcoin ($BTC) rose 8%, while gold fell 18%.
At the beginning of the war, $BTC was trading at $65,492 and gold was trading at $5,279 per ounce. However, by Monday evening, $BTC While gold fell to $4,300, gold soared to $70,700.
All this means: $BTC is currently buying 32% more gold than it was on the morning of Operation Epic Fury.
In fact, the world’s most valuable precious metal fell 12% in one week, its worst seven-day decline since 1983. Investors who bought gold as war insurance saw their insurance lose a fifth of its value in four weeks.
Bitcoin (orange) and gold (blue). From February 28th to March 23rd, 2026. Source: TradingView
Safe investors receive margin calls
Gold’s first actions at the start of the conflict were deceitful. Prices soared following the closure of oil tanker routes in the Strait of Hormuz, but have now reversed sharply.
US Treasury yields rose and the dollar strengthened. These two factors typically drive down the price of gold, regardless of how many warships are in the Persian Gulf.
The massive SPDR Gold Shares ETF lost $4.2 billion in the first week of the war, breaking the record for weekly outflows in the fund’s history.
Investors withdrew 25 tonnes of underlying physical gold from the world’s largest gold ETF within seven days.
Bitcoin sustained gains while absorbing the same shock. It also outperformed the S&P 500 index, which has fallen more than 3% since the start of the war.
Read more: How the Iran bombing changed the price of oil and Bitcoin
Ray Dalio, founder of Bridgewater Associates, advised on the popular podcast “All-In” on March 3 that central banks will never want to take over. $BTC. “There’s only one money,” he insisted.
Gold has fallen more than 15% since Dalio’s prediction. $BTCthe assets that Dalio rejected rallied.
nevertheless $BTC Gold has performed well since the US authorized the bombing of Iran, but it hasn’t outperformed gold over a recent long period of time. Year-to-date, gold prices have remained flat, with gold prices down 20%. $BTC. Over the past 12 months, gold has risen 44%, while gold has fallen 17%. $BTC.
