Over the weekend, a Paxos gold-backed digital asset hit an all-time high amid rising tensions in the Middle East, prompting some to question the value of Bitcoin as a geopolitical hedge.
Last April 13, the PAXG cryptocurrency peaked at $2,855, while Bitcoin experienced a drastic drop from over $67,500 to around $62,700.
Bob Elliott, former Bridgewater executive and current co-founder and CEO of Unlimited Funds, has shared his views on Bitcoin's role as a geopolitical hedge. He has stated that while Bitcoin may have many qualities, it is not a reliable hedge against geopolitical risks.
Tensions in the Middle East escalated over the weekend following an Iranian drone and missile strike on Israeli targets.