Bitcoin just had one of its most important weeks in years.
Not only because of the price but because of what’s happening underneath the surface.
Remember the old line,“Bitcoin is digital gold”?
Well 2026 has been a virtual carousel of critics mocking that idea as gold caught a bid and jumped up to new all time highs.
And that thesis seemed to hold over the weekend when U.S. and Israeli forces struck Iran over the weekend, gold surged and Bitcoin dropped to $63,000.
Some were quick to dance on Bitcoin’s grave with a headline from The CryptoTimes saying “"Gold Wins, Bitcoin Fails: What the Iran-Israel War Market Pivot Means Now"
And then Bitcoin recovered. Fast.
Since Friday, gold has fallen nearly 2%, weighed down by a stronger dollar, inflation fears, and forced selling.
Bitcoin has climbed roughly 12%, sitting above $72,000 as of today and over $700 million has flowed into U.S. spot Bitcoin ETFs just in the first five days of March, reversing a months-long outflow trend.
So let’s take a look at the count.
A war started creating a major geopolitical crisis with 20% of the world’s oil supplies threatened through the Strait of Hormuz.
The market fell and Bitcoin went up in price.
Which leads to this very long running debate where some people think that Bitcoin is a speculative risk asset and other times it is believed to be the ultimate reserve asset.
Sometimes I’m convinced that Bitcoin is a bit of a Schrödinger’s asset, both being risk on and risk off depending on the situation.
Also sometimes I’m convinced that it’s a chameleon that just blends into whatever the market needs in the moment.
Tagus Capital noted in their daily brief that Bitcoin “may now exhibit some defensive characteristics during crisis periods.” Mercado Bitcoin’s research team published analysis suggesting Bitcoin priced in gold may have already bottomed in February, with a potential recovery beginning this month.
Here’s the deeper story. Gold is up 22% in 2026 and just hit $5,280 an ounce which no doubt is a staggering run considering that gold was already the biggest asset class in the world.
And yet, in the five days since the Iran strikes, Bitcoin outperformed it.
The two assets are not competing.
They’re responding to the same underlying reality: when sovereign systems feel unstable, people reach for things that governments can’t print more of.
The Federal Reserve Just Let Kraken Through The Front Door
On March 4, the Federal Reserve Bank of Kansas City approved a master account for Kraken Financial, making Kraken the first digital asset bank in U.S. history to gain direct access to the Fed’s payment infrastructure.
What does that mean in plain English?
It means Kraken can now plug directly into Fedwire the system that processes over $4 trillion in daily fund transfers without routing through a traditional bank as a middleman.
The banking lobby is not happy. The Bank Policy Institute called it “deeply concerning” and the American Bankers Association said the move “puts the cart so far ahead that the horse will never be able to catch up.”
That sentence tells you everything you need to know.
Traditional banks spent decades building a moat around access to the Fed.
And for years, crypto companies had to beg for a seat at the table through partner banks who held all the leverage and that leverage is now eroding.
Kraken’s co-CEO Arjun Sethi said it plainly: “With a Federal Reserve master account, we can operate not as a peripheral participant in the U.S. banking system, but as a directly connected financial institution.”
Senator Cynthia Lummis called it “a watershed moment for the digital asset industry.”
Think about the infrastructure implications.
Over time, this architecture could enable direct atomic settlement between fiat and crypto.
Institutional-grade cash management integrated with Bitcoin custody.
The banks screaming the loudest are the ones who understand exactly what this could mean for them and perhaps into the future it’s better products for all of us.
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A Chinese Electric Vehicle Maker Just Tried to Buy 10,000 Bitcoin
The Strategy effect continues to go global.
On March 4, Jiuzi Holdings (Nasdaq: JZXN), a Hangzhou-based electric vehicle company, announced a deal to acquire 10,000 Bitcoin by issuing company shares to a global digital asset investor in exchange.
Their management said plainly: “The planned acquisition of 10,000 BTC is not merely a treasury allocation decision. It is a strategic positioning move.”
Now I’ll be straight with you here there are real questions about this deal.
Jiuzi’s stock was trading around $0.85 before recent announcements, which makes a $1 billion equity valuation complicated.
Existing shareholders face significant potential dilution and the transaction still requires definitive agreements, SEC filings, and regulatory sign-off.
Definitely not a done deal but here’s why it matters anyway.
The fact that a mid-sized Chinese EV company even thinks this way the fact that their strategic language sounds like a Michael Saylor press release tells you something about how far the Bitcoin treasury narrative has traveled.
Eighteen months ago, you had to explain to CFOs what a Bitcoin treasury strategy was.
Today, companies in Hangzhou are structuring complex share-swap arrangements to hold 10,000 BTC. The idea has crossed the Pacific. It’s in boardrooms most people have never heard of and every company that treats Bitcoin as a treasury asset rather than a trade removes more supply from the float.
Whether this specific deal closes or not, the trend is undeniable.
Institutional adoption is not a Wall Street phenomenon anymore. It’s a global one.
Anthony
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