Bitwise CIO Matt Hougan said bitcoin’s 12% gain since U.S. and Israeli airstrikes began Feb. 28 suggests investors are pricing bitcoin as more than "digital gold." Hougan pointed to Iran’s stated plan to collect a $1-per-barrel toll in bitcoin from ships passing through the Strait of Hormuz, or about $20 million per day. Hougan said the conflict raised bitcoin’s appeal as an apolitical settlement option, while the article noted that the infrastructure for broader sovereign use remains early-stage.