Bitcoin delivered strong performance despite a geopolitical crisis, outperforming traditional safe-haven assets gold and the S&P 500, blockchain media outlet The Crypto Basic reported on March 24 (local time).

Recent data from bitcoin-focused exchange River Financial show bitcoin performed better than most traditional assets, highlighting its dual nature as a risk asset and a store of value.

On Feb. 28, Israel and the United States fired missiles at several Iranian cities, killing Supreme Leader Ayatollah Ali Khamenei. Iran and Israel then continued retaliatory attacks, and a missile strike occurred on March 21 near an Israeli nuclear research institute. The sustained attacks affected global markets as investors took a cautious stance. The crypto market was also hit, but bitcoin showed notable resilience amid uncertainty and posted returns that outpaced safe-haven assets, it said.

River Financial data show that as of March 23, bitcoin has outperformed gold and the S&P 500 (SPX) since tensions rose in the Middle East. Since Feb. 28, bitcoin has gained 12 percent, while gold has fallen 16 percent and the S&P 500 has dropped 4 percent. Gold is seen as a store of value and the S&P 500 as historically stable in global markets, but bitcoin emerged as a better investment during this Middle East crisis, it said.

Bitcoin also posted strong performance during other periods of market unrest, not only during the Middle East crisis. During U.S.-Iran tensions on Jan. 3, 2020, bitcoin rose 20 percent over 60 days, while gold gained 6 percent and the S&P 500 fell 7 percent over the same period. During the COVID-19 pandemic and Russia's invasion of Ukraine, bitcoin rose 21 percent and 15 percent, respectively, outperforming gold and the S&P 500. This shows bitcoin can provide stability and investment returns even in unstable markets, the outlet reported.