Iran warns oil could hit $200 per barrel. Here’s what that could mean for Bitcoin’s price

Iran on Wednesday warned that the world should be prepared for oil to more than double in price if the US and Israel continued to wage war on the country.

But as the price of the most-traded commodity experiences increased turbulence amid the bombing, what could happen to Bitcoin?

“When energy becomes more expensive, inflation rises and central banks postpone rate cuts, which ultimately restricts the liquidity that Bitcoin needs to gain momentum,” Sebastián Serrano, the CEO of Argentinian crypto exchange Ripio, told DL News.

Bitcoin experienced a quick selloff before rebounding after the US and Israel attacked Iran. It was recently trading at nearly $70,434, according to CoinGecko, up slightly since the war started on February 28.

While the biggest cryptocurrency has held steady, experts have warned more volatility could be around the corner.

What war does to Bitcoin

While Bitcoiners have argued the leading cryptocurrency is a safe-haven, unlike gold, the asset rarely performs as one.

In the past, war in the Middle East has negatively hit Bitcoin’s price: the coin fell sharply following Israel’s June 2025 “Operation Rising Lion” strike, only recovering after President Donald Trump signalled a pause in attacks.

And experts previously told DL News that any more war in the region could exacerbate selling pressure.

“The inflation hedge narrative has been disproven for quite a while now,” Laurens Fraussen, a research analyst at data firm Kaiko said.

But Bitcoin’s a commodity, right?

Even though the Commodity Futures Trading Commission, a US regulator, considers Bitcoina commodity like gold and oil, it doesn’t yet behave like one.

Instead, the leading cryptocurrency has performed more in line with volatile investments like tech stocks.

“Bitcoin is a risk asset, not a commodity as of now,” said Fraussen, adding that the coin has been “very sensitive to geopolitical shocks the past year.”

This means that when stocks drop, Bitcoin could follow suit — so expect more volatility if strife in the Middle East doesn’t calm soon.

Mathew Di Salvo is a news correspondent with DL News. Got a tip? Email at [email protected].