Bitcoin Is a Safe Haven as Global Tensions Weigh on Gold and Equities, Coinbase Executive

TLDR

• Coinbase executive John D’Agostino said Bitcoin has ranked among the top-performing assets in 11 of the past 12 years.
• Bitcoin gained about 7%, rising from roughly $66,000 to around $70,062 during the reported period.
• The report said Bitcoin outperformed gold by about 25% in recent weeks.
• Bitcoin also exceeded the S&P 500 by roughly 10% to 12%, based on the figures provided.
• Gold and equities weakened during the same period, while oil prices rose on supply concerns

Bitcoin is drawing renewed attention as market volatility deepens, with Coinbase’s head of institutional strategy, John D’Agostino, saying the asset is showing resilience while traditional markets remain under pressure. His remarks come as investors monitor geopolitical tensions between the United States and Iran, amid weakness in gold and U.S. equities.

According to D’Agostino, Bitcoin has continued to build a record of strong relative performance during periods of uncertainty. He said the cryptocurrency has ranked among the top-performing assets in 11 of the past 12 years, a record that is again being discussed as markets respond to conflict risk, oil price swings, and concerns about inflation.

Bitcoin is up 25% vs gold & 10% vs the S&P 500.

$60B Coinbase Head of Strategy explains: pic.twitter.com/EVixZObZPc

— Altcoin Daily (@AltcoinDaily) March 25, 2026

Recent trading has added to that discussion. Bitcoin has climbed to about $70,062 after gaining roughly 7% since tensions intensified, while gold and the S&P 500 have both moved lower. The contrast has supported the argument that Bitcoin is increasingly being viewed as an asset that can trade independently from traditional safe-haven and risk assets.

Bitcoin Outperforms Gold and the S&P 500

D’Agostino said Bitcoin has outperformed gold by about 25% in recent weeks and has also outperformed the S&P 500 by about 10% to 12%. Those moves have taken place during a period when investors have been reassessing the outlook for commodities, stocks, and digital assets simultaneously.

Gold, which is often seen as a defensive asset during political stress, has come under pressure and was recently trading near $4,445 after a sharp decline from earlier highs. U.S. equities have also weakened, with the S&P 500 falling by about 400 points to around 6,564. Against that backdrop, Bitcoin’s advance has stood out.

The market response has fueled a broader debate over whether Bitcoin is moving closer to a safe-haven role. While that label remains debated in financial markets, the current price action has placed the asset in a category distinct from both equities and precious metals during this period of uncertainty.

Geopolitical Tensions Shape Market Direction

The latest moves have unfolded amid rising tensions between Washington and Tehran, which continue to influence global markets. Concerns over energy supply and inflation have intensified as the conflict has progressed, prompting investors to monitor both diplomatic and military rhetoric.

Reports indicate that Donald Trump proposed a 15-point plan to reduce tensions, with Pakistan reportedly involved in passing the proposal and offering to host talks. The plan included a temporary ceasefire, limits on Iran’s nuclear program, inspections, restrictions on missile activity, and an end to regional military involvement. In return, it offered sanctions relief and support for civilian nuclear energy projects.

Iran rejected the proposal, with Foreign Minister Abbas Araghchi saying Tehran would not enter talks with the United States under current conditions. Iranian officials instead presented their own demands, including a wider end to the conflict in the region and reparations. The exchange has left markets focused on whether diplomacy can gain traction or whether tensions will continue to rise.

Oil, Inflation, and Market Positioning Remain in Focus

Oil prices have also responded to the crisis, with U.S. crude rising about 5% over two days to $91.98 per barrel. Higher energy prices have kept inflation concerns in focus and added to uncertainty across financial markets. Those factors have weighed on equities while also shaping the way investors assess defensive positioning.

Bitcoin’s gains during this period have strengthened the view among some market participants that the asset is maturing beyond its earlier reputation as a purely speculative instrument. D’Agostino’s comments reflect that shift, as institutional observers increasingly compare Bitcoin not only with other crypto assets but also with gold and benchmark stock indices.

For now, traders remain focused on the same drivers: geopolitical developments, oil prices, inflation pressure, and flows into risk and defensive assets. As those forces continue to shape market direction, Bitcoin’s recent strength has kept it at the center of the conversation about where capital moves during periods of global stress.