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Bitcoin has risen about 30% since the beginning of the U.S. war in Iran, but the price remains well below its 2025 peak of $126,000 per bitcoin. The move comes amid multiple shocks and renewed debate over the U.S. dollar’s long-term role, alongside expectations of a potential shift in investor allocations between gold and bitcoin.
The bitcoin price bounced after plunging at the beginning of the U.S. war in Iran. The article also cites signals from U.S. Secretary of War Pete Hegseth, who suggested China is secretly stockpiling bitcoin, adding to market focus on geopolitical and supply-related narratives.
Legendary billionaire Ray Dalio warned that the U.S. dollar is “teetering on the brink of collapse.” Separately, billionaire investor Stanley Druckenmiller predicted in March that the U.S. dollar will not remain the world’s reserve currency in 50 years, potentially replaced by bitcoin or other crypto. Druckenmiller said, “We are doing everything we can to destroy it,” which he linked to the spiraling U.S. budget deficit, which he has previously described as a “debt bomb.”
Druckenmiller added that while the dollar may outlive him, he doubts it will be the reserve currency in 50 years. He said he does not know what would replace it, but suggested it could be “some crypto thing” he dislikes, echoing a prediction he made in 2021.
The article also points to JPMorgan analysts led by Nikolaos Panigirtzoglou, who expect a “huge rotation” from gold to bitcoin. It says bitcoin is gaining over gold as part of a “debasement trade” after the Iran conflict, supported by bitcoin ETF inflows that are outpacing gold ETF inflows.
It also notes that Tesla billionaire Elon Musk has repeatedly predicted the end of the U.S. dollar, fueling speculation among bitcoin supporters that he may be backing the cryptocurrency. Musk has warned the world is moving toward a post-fiat currency situation, saying energy is the “true currency.”
Former Federal Reserve chair Janet Yellen is cited as warning that President Donald Trump could be pushing the U.S. dollar toward hyperinflation—an outcome some believe could drive volatility in bitcoin prices.
With traders bracing for an “imminent White House bitcoin game-changer,” the article frames bitcoin’s recent rebound as occurring alongside intensifying debate over currency debasement, reserve-currency risk, and shifting flows between bitcoin ETFs and gold ETFs.
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