With geopolitical tensions rising in the Middle East, how does Bitcoin react to global risk events? And is ‘Uptober’ still on the table?
October started with hopes for “Uptober”—a positive price trajectory in October—in the Bitcoin community, since, historically, Bitcoin has performed well this month. But things took a turn when geopolitical tensions in the Middle East escalated, raising concerns about how that could affect Bitcoin’s price this month.
In this episode, André Dragosch, European Head of Research at Bitwise, talks about how Bitcoin typically responds to geopolitical shocks, whether this could present a buying opportunity, and how major events like the U.S. elections might shape Bitcoin’s future.
Show highlights:
- How Bitcoin’s reacted to the geopolitical escalations
- Why André believes this is a buying opportunity
- How there was a macro capitulation after the beginning of the unwind of the Japan carry trade in August
- Whether Bitcoin can truly act as a safe haven asset
- How the clientele of ETFs have changed the market structure for Bitcoin
- Whether ‘Uptober’ is canceled
- How Andre expects Bitcoin will perform depending on the winner of the U.S. elections
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