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<p>The ongoing sabre-rattling following the ongoing Israel-Iran scuffle seems to have spooked investors and sent the price of Bitcoin tumbling. &nbsp;&nbsp;The negative outflow follows Israel’s vow to make Iran pay for raining a barrage of over 180 ballistic missiles into the Jewish nation’s capital city, heightening fears of an all-out regional war.</p> 
<p>The beating of war drums saw the Bitcoin price lose some 3% of its value or $4000 overnight, while <a href="https://goldprice.org/gold-price-chart.html" rel="nofollow noopener" target="_blank">gold and</a> crude oil gained 1.4% and 7%, respectively. The price action of the world’s leading commodities due to the growing Israel-Iran scuffle has led some users to question the position of BTC as an alternative and preferred store of value.</p> 
<h2 id="bitcoin-and-ether-etfs-affected">Bitcoin and Ether ETFs Affected</h2> 
<p>The effect of the rising tensions in the Middle East resulting from the Israel-Iran scuffle was also felt among institutional investors, where spot Bitcoin ETFs clocked some $243 million in outflows. According to available data from Farside Investors, the leading 11 spot Bitcoin ETFs experienced the largest outflow since BTC ETFs experienced a $288 million outflow in early September.</p> 
<p>The October 1 outflow is the third-largest one in a single day over the last five months, undoing the effects of a <a href="https://www.turkishnyradio.com/u-s-spot-bitcoin-etfs-record-8th-consecutive-day-of-positive-inflows-here-are-the-details/">consecutive eight-day trading trend</a> that climaxed on September 27 with a $494 million inflow. The negative outflows also affected Grayscale and Fidelity’s nine US spot ETH ETFs, with the bloodbath leading to $26.6 million and $25 million losses, respectively.</p> 
<p><img loading="lazy" decoding="async" class="size-full wp-image-20861 aligncenter" src="https://www.turkishnyradio.com/wp-content/uploads/2024/10/Israel-Iran-scuffle-1.jpg" alt="Israel Iran scuffle and ww3" width="1792" height="1024" title="Bitcoin Price Plummets as the Israel Iran Scuffle Escalates 26" srcset="https://www.turkishnyradio.com/wp-content/uploads/2024/10/Israel-Iran-scuffle-1.jpg 1792w, https://www.turkishnyradio.com/wp-content/uploads/2024/10/Israel-Iran-scuffle-1-768x439.jpg 768w, https://www.turkishnyradio.com/wp-content/uploads/2024/10/Israel-Iran-scuffle-1-1536x878.jpg 1536w" sizes="(max-width: 1792px) 100vw, 1792px"></p> 
<h2 id="fears-of-looming-world-war-3">Fears of Looming World War 3</h2> 
<p>The missile attack by Iran, which Israeli Prime Minister Benjamin Netanyahu called a “big mistake” and that Tehran “will pay for it,” came on the heels of Israeli troops invading Southern Lebanon to eliminate “Hezbollah terror targets. According to Iranian state TV, Tehran fired at least 200 missiles toward Tel Aviv in revenge for the killing of its leaders and allies, Hamas and Hezbollah.</p> 
<p>Millions of Israelis rushed towards bomb shelters moments before the night skies lit up with explosions over Jerusalem and Tel Aviv. People all over the world are watching the escalating Israel-Iran scuffle with bewilderment and questions of a looming World War 3 in their minds should Israel fulfil its vow to retaliate.</p> 
<p>Fears surrounding further escalation of the Israel-Iran scuffle rolling into the much-feared WW3 have always surrounded the question of which global power and which currency could resist and end up being the actual store of value. The plummeting Bitcoin price could reignite the debate on what between BTC and gold bugs is better than the other and which would endure should push come to a shove.</p> 
<p>Those who believe in gold and other commodities cite the long history of the precious metal compared to Bitcoin’s lack of regulation and volatility. On the other hand, those who back Exchange-traded funds (ETFs) compare Bitcoin and other cryptocurrencies to digital gold, which they believe is more efficient and has more significant potential.</p> 
<p><img loading="lazy" decoding="async" class="size-full wp-image-20865 aligncenter" src="https://www.turkishnyradio.com/wp-content/uploads/2024/10/Bitcoin-store-of-value.jpg" alt="Israel Iran scuffle and Bitcoin as store of value " width="1280" height="810" title="Bitcoin Price Plummets as the Israel Iran Scuffle Escalates 27" srcset="https://www.turkishnyradio.com/wp-content/uploads/2024/10/Bitcoin-store-of-value.jpg 1280w, https://www.turkishnyradio.com/wp-content/uploads/2024/10/Bitcoin-store-of-value-768x486.jpg 768w" sizes="(max-width: 1280px) 100vw, 1280px"></p> 
<h2 id="a-way-to-create-and-preserve-wealth">A Way to Create and Preserve Wealth</h2> 
<p>While the events surrounding the current Israel-Iran scuffle and its effect on the price of Bitcoin could take centre stage in the next few days, it’s good to remember that it’s considered a store of value because of its decentralized and purely digital nature. As a result, users can simultaneously take BTC everywhere and nowhere, and it’s difficult for third parties to seize it. As a result, owners can store their wealth independently of third parties, whether banks and states fail or cease to exist for whatever reason.</p> 
<p>As we observe the direction the Bitcoin price will take in the coming days due to the ongoing Israel-Iran scuffle, arguments surrounding Bitcoin as a store of value will continue but will eventually be settled on whether people adopt it and use it as a store of value. Currently, Bitcoin is seen as a more private enterprise. Still, with the introduction of ETFs and the attendant institutional adoption surrounding it, more people could eventually see BTC as a way to create and preserve their wealth.</p>

Bitcoin Price Plummets as the Israel Iran Scuffle Escalates

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TNYR

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