Bitwise CIO: BTC proves potential as currency and store of value amid Iran conflict

Bitwise Chief Investment Officer (CIO) Matt Hougan stated that Bitcoin has demonstrated its potential as both a currency and a store of value amid the conflict between the U.S. and Iran, Cointelegraph reported. He pointed to Iran's proposal to charge passage fees in cryptocurrency for ships navigating the Strait of Hormuz as an example. Hougan explained that this case shows BTC can function as a currency, going beyond its role as a store of value like gold. He added that as nations weaponize their financial systems, BTC is emerging as an alternative, suggesting its potential is not limited to simply matching gold's market. Hougan has previously predicted that BTC could reach $1 million per coin if it captures 17% of the store-of-value market within the next 10 years.