Bitcoin outperforms gold by roughly 36% since Iran war began

Since the start of the 2026 Iran war, Bitcoin has outperformed gold by roughly 35–36% on a relative basis, as BTC rose mid‑single digits while gold slipped and the BTC/gold ratio surged.

Data from multiple market trackers show that since the escalation of the U.S.–Israel–Iran conflict on 28 February 2026, Bitcoin (BTC) has materially outperformed gold. Binance’s research feed put it bluntly in early May: “Bitcoin is outperforming gold by 36% since the start of the Iran conflict,” referring to the change in the BTC/XAU ratio rather than just absolute price moves.

BTC/gold ratio jumps as war escalates

A mid‑March analysis from Fortune noted that “since the start of the war, the original cryptocurrency is up about 7%, and on Wednesday was trading at around $71,000,” while gold was “nearly unchanged at about $5,240 an ounce.” Later work from Korea Economic Daily, summarized by Bloomingbit, found that Bitcoin rose about 7% in March while gold fell more than 3%, widening the performance gap as the conflict dragged on.

CryptoNews.net’s recap of the period shows a similar pattern with slightly sharper numbers: at the onset of war, when Donald Trump ordered U.S. forces to join Israeli strikes, BTC was around $65,492 and gold near $5,279 an ounce; by March 23, Bitcoin had rallied to $70,700 while gold had slumped to roughly $4,300. That implies BTC up about 8% versus gold down around 18%, and a rapid rise in the BTC/gold ratio.

First real “war test” for Bitcoin as macro asset

What is different this time is not just that Bitcoin outperformed, but that it did so during a live shooting war where traditional safe havens usually dominate. A detailed explainer from Phemex argued that the Iran conflict was “the first real‑world stress test for Bitcoin as a portfolio‑level safe haven,” noting that over the first 16 days BTC outperformed gold by 9 percentage points and even outpaced the S&P 500 and Nasdaq.

JPMorgan analysts, quoted by RootData and The Block, observed that during the war “Bitcoin outperformed gold and silver, showing signs of inflows and increased activity, while precious metals faced significant outflows and position liquidations.” They pointed to nearly $11 billion in gold ETF outflows and a full reversal of prior silver ETF inflows, versus net inflows into Bitcoin products. That aligns with earlier crypto.news coverage in a story on how bitcoin and ethereum outpaced metals and equities in March, as spot BTC ETFs in the U.S. kept absorbing institutional demand even amid geopolitical tension.

Capital.com’s breakdown, summarized in the Economic Times, stressed that BTC still traded like a high‑beta macro asset in the initial hours after the first strikes — plunging from about $66,000 to $63,000 as over $128 billion in crypto market cap was erased, while gold jumped. But over the full conflict window, Bitcoin recovered and moved higher, supported by ETF dip‑buying, short‑covering, and renewed interest in the “digital gold” narrative, while gold’s early spike faded under the weight of a stronger dollar and rising real yields.

For now, the scoreboard is clear: during the Iran war’s first months, a portfolio long BTC and short gold would have outperformed a classic “own gold in a crisis” stance by roughly a third. Whether that holds in the next geopolitical shock is an open question — but this episode has given Bitcoin one of the strongest empirical arguments yet for its role as a competing macro hedge.