Bitwise: Geopolitical conflicts are driving up Bitcoin's safe haven attributes, with $1 million potentially serving as a benchmark price Odaily Planet Daily News: Bitwise Asset Management pointed out that the recent strength of Bitcoin is not against the safe haven environment, but directly driven by geopolitical conflicts. Since the escalation of the Middle East situation at the end of February, BTC has risen by about 12%, while the S&P 500 index has fallen by about 1% and gold has fallen by about 10% during the same period, showing significant differentiation in performance. Bitwise CIO Matt Hougan and research director Ryan Rasmussen stated that Bitcoin is carrying both the logic of a "value storage asset" and a "potential international settlement currency". With the weaponization of the financial system and the fragmentation of the global payment system, the attractiveness of non sovereign neutral assets continues to rise. The report suggests that geopolitical fragmentation is driving some countries to explore alternative paths that bypass traditional financial systems, such as attempting to introduce Bitcoin settlements in trade. This trend enhances BTC's potential position in the global monetary system. Based on the above changes, Bitwise points out that the Bitcoin valuation framework is being reshaped, and if it captures both value storage and transaction settlement needs, long-term price expectations may be underestimated, and $1 million may shift from the target upper limit to the "benchmark level". （The Block）