Bitcoin's role as a safe-haven asset remains questionable, as evidenced by its performance during recent geopolitical crises. Following the U.S. and Israel's bombing of Iran in February 2026, Bitcoin's price fell nearly 9% to $63,000, contrasting with gold's rise. This pattern mirrors its behavior during the Russia-Ukraine conflict, where Bitcoin initially dropped before recovering. Across six major geopolitical events, Bitcoin has consistently been among the first assets sold, highlighting its volatility compared to traditional safe-haven assets like gold. Despite this, Bitcoin's utility in crisis situations is gaining recognition. During the 2022 Russia-Ukraine war, Bitcoin provided a means for refugees to transfer assets across borders amid banking restrictions. This functional stability, rather than price stability, underscores Bitcoin's value during financial disruptions. While Bitcoin is not yet "digital gold," its potential as a "next-generation store of value" is emerging, contingent on changes in market dynamics and investor behavior.