Jim Cramer took to social media platform X on Thursday to question the cryptocurrency market, specifically questioning Bitcoin’s (CRYPTO: BTC) utility during periods of geopolitical instability.
• What is BTC doing today?
Cramer Dismisses “Iranian War Hedge” Narrative
As tensions between the U.S. and Iran reach levels not seen in decades, Cramer dismissed the long-held thesis that Bitcoin serves as a safe-haven asset.
“at the risk of antagonizing everyone, what IS Bitcoin levered to? I was thinking could be good hedge against Iranian war. NOPE,” Cramer wrote on X.
The comment comes as the U.S. reportedly ramps up air assets in the Middle East to 2003 levels, including deployments of Lockheed Martin Corp (NYSE:LMT) F-35s.
Market “Slaughter” and Sentiment Shift
The broadcaster did not mince words regarding current price action. In a subsequent post, he noted, “these ‘cryptos’” are getting slaughtered today…”
Institutional Access Fails to Spark Rally
Cramer’s skepticism mirrors concerns raised by crypto influencers like Ran Neuner, who argued that Bitcoin failed its defining test as a store of value. Despite aggressive weekly buys from Strategy Inc. (NASDAQ:MSTR), capital has largely fled to traditional gold rather than digital assets during this period of fiscal and military instability.
Defense Stocks Diverge from Crypto
While digital assets faltered, the looming possibility of a sustained air war has bolstered defense equities. Shares of Karman Holdings Inc (NYSE:KRMN), Kratos Defense & Security Solutions Inc (NASDAQ:KTOS), saw significant gains as prediction markets priced in a 48% chance of regime change in Tehran by September.
BTC Price Action: According to CoinMarketCap data, Bitcoin was last seen at $66,119.28, down 1.86% over 24 hours and up 1.55% over seven days.
Photo: Courtesy vshtun on Shutterstock
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