Bitcoin could gain if a U.S.-Iran conflict drags on, strategist says

Macro strategist Mark Connors says bitcoin may be a chief beneficiary if a U.S.-Iran conflict stretches on for several months, as higher government spending, rising debt and lower interest rates create conditions that have historically supported the cryptocurrency.

Connors previously led research at 3iQ and global portfolio and risk advisory at Credit Suisse and now runs a bitcoin advisory firm called Risk Dimensions. He argues wars are expensive and typically financed by issuing more debt, which increases the supply of dollars and tends to debase existing currency, helping non-dollar assets like bitcoin.

"Liquidity drives bitcoin," Connors said, and he expects deficit spending to accelerate if military operations continue. Federal debt has been rising at roughly a 14% annualized pace since mid-2025 and could increase about 15% year-over-year, Connors noted. Bitcoin rallied overnight and into the U.S.

United States; Iran

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