Bitcoin has experienced a 12% increase since the onset of the conflict in Iran. According to CoinDesk, this rise is not attributed to a risk-on trade but rather a reevaluation of Bitcoin's function as a neutral settlement layer. Bitwise's Chief Investment Officer suggests that the market is adjusting its perception of Bitcoin's utility in global financial systems. This shift highlights Bitcoin's potential as a stable and impartial medium for transactions, especially during geopolitical tensions. The recent developments underscore the cryptocurrency's evolving role in the financial landscape, as investors and analysts reassess its value proposition in light of current events. As the situation in Iran unfolds, Bitcoin's performance may continue to reflect its perceived stability and neutrality in the global market.