Bitcoin

This is not a repeat of past Gulf skirmishes—it is a multi-month blockade against the world's most critical energy chokepoint, affecting 20% of global oil supply. The resulting energy crisis will force central banks to choose between fighting inflation (rate hikes) or averting recession (accommodation), creating a stagflationary environment that historically crushes equities and crypto alike in the near term.

US and Israel started a war against Iran in late February, leading to the effective closure of the Strait of Hormuz for over three months.