According to Matt Hougan, Chief Investment Officer of Bitwise Asset Management, the recent U.S. strike on Iran underscores the growing importance of cryptocurrency and on-chain markets in the global financial system.
The incident unfolded early Saturday morning, February 28, 2026, when Donald Trump announced the military action. At the time, traditional financial markets in the United States, Europe, and Asia were closed. With equities, commodities, and foreign exchange markets offline, blockchain-based platforms continued operating without interruption.
Hougan noted that this situation highlighted a structural shift in global finance. Unlike traditional exchanges that operate within fixed hours, cryptocurrency markets run 24/7. As a result, digital asset platforms became the primary venues for traders seeking to assess risk, price geopolitical developments, and execute transactions in real time.
He emphasized that during periods when conventional markets are inaccessible, crypto markets effectively serve as the leading indicators of global sentiment. Price discovery, liquidity flows, and volatility all occurred on-chain, positioning digital assets at the forefront of global trading activity while traditional systems remained paused.
The episode illustrates how decentralized financial infrastructure is increasingly capable of absorbing market shocks and responding instantly to major geopolitical events, reinforcing the role of cryptocurrencies as a continuous, borderless layer of the global financial ecosystem.
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