🟦In his new essay, Arthur Hayes, the former co-founder of the BitMEX exchange, analyzes the short-term prospects of Bitcoin’s price amid rising tensions in the Middle East, driven by the conflict between Iran and Israel. Hayes notes that the escalation of the conflict could lead to an increase in Bitcoin’s value, which is seen as “stored energy” in digital form. As oil and gas prices rise, Bitcoin’s price may also climb.
🟦In his view, the cryptocurrency shows a correlation with commodities during periods of high inflation and geopolitical instability. He believes that miners will be able to maintain profitability even if the conflict intensifies, as mining difficulty dynamics will adapt to changes in hash rate. Thus, Hayes argues that the real influence on Bitcoin’s price is driven by events in the Middle East rather than the political situation in the United States.