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Jim Cramer took to social media platform X on Thursday to question the cryptocurrency market, specifically challenging Bitcoin (CRYPTO: BTC) and its perceived utility during periods of geopolitical instability.
As tensions between the United States and Iran reach levels not seen in decades, Cramer dismissed the long-standing narrative that Bitcoin serves as a hedge in times of war or macro uncertainty.
“At the risk of antagonizing everyone, what IS Bitcoin levered to? I was thinking it could be a good hedge against an Iranian war. NOPE,” Cramer wrote on X.
His comments come as the U.S. reportedly ramps up air assets in the Middle East to levels comparable to 2003, including deployments of Lockheed Martin (NYSE: LMT) F-35 fighter jets.
The criticism echoes concerns from crypto commentator Ran Neuner, who argued that Bitcoin may have failed a key test as a store of value during fiscal and military uncertainty. Despite aggressive weekly purchases from Strategy Inc. (NASDAQ: MSTR), capital flows during the recent volatility have largely favored traditional gold rather than digital assets.
While cryptocurrencies struggled, defense-related equities moved higher. Shares of Karman Holdings Inc. (NYSE: KRMN) and Kratos Defense & Security Solutions Inc. (NASDAQ: KTOS) posted notable gains as prediction markets priced in a 48% probability of regime change in Tehran by September.
Source: Public statements on X
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