Bitwise Asset Management has highlighted Bitcoin's growing appeal as a safe-haven asset amid escalating geopolitical tensions. Since tensions in the Middle East intensified in late February, Bitcoin has surged approximately 12%, contrasting with a 1% decline in the S&P 500 and a 10% drop in gold. Bitwise's CIO Matt Hougan and Research Director Ryan Rasmussen attribute this divergence to Bitcoin's dual role as a "store of value asset" and a "potential international settlement currency." The report suggests that as global financial systems become increasingly "weaponized" and fragmented, the demand for non-sovereign, neutral assets like Bitcoin is rising. This shift is prompting some countries to consider settling trade transactions in Bitcoin, enhancing its potential role in the global monetary system. Bitwise notes that Bitcoin's valuation framework is evolving, with the possibility of $1 million becoming a baseline price level rather than a target ceiling.