Hormuz energy shock had no effect on Bitcoin

On the few occasions in the past when the oil price rose by 50% in three weeks, stock markets typically reacted as expected: the riskiest assets are usually sold first. After Iraq invaded neighboring Kuwait in 1990 for example, oil prices doubled and the S&P 500 fell by about 9% in just one month.

Bitcoin, which for some analysts is still one of the most volatile assets on the market, would therefore logically be the first to be hit by such a price drop. In recent months, however, things turned out completely differently.

Hormuz

In the spring of 2026, the world faced another such energy test. The Strait of Hormuz, through which a fifth of all the world’s oil passes, was closed as it became a battleground between the United States and Iran. The price of a barrel of oil immediately rose to $100, and stock markets saw a sell-off of all risky investments.

However, the largest digital currency, Bitcoin, surprised everyone, and its price held up well. While gold’s price fell during the first days of the conflict (also unexpected), Bitcoin moved in the opposite direction and even rose slightly. By now, three months have passed, and Bitcoin has already risen by about 20% since the low of February 2026.

The big question, of course, is whether this represents a turning point. Will Bitcoin no longer be viewed by investors as a risky investment, but rather as a long-term investment?