Bitcoin Outperformed Every Major Asset During War, Raising Questions About Its New Role as a Neutral Store of Value

Bitcoin reclaimed $75,000 this week, reversing all losses from the Iran war. Anthony Pompliano argues this price action has redefined Bitcoin’s role in global markets. During active conflict, Bitcoin outperformed stocks, bonds, and oil, contradicting the expectation that it would fall as a risk-on asset. 'If you need to move money around the world during conflict, Bitcoin becomes interesting,' Pompliano said. The asset has now decoupled from equities and is trading as a neutral, non-sovereign store of value. Pompliano’s 'True Inflation' indicator dropped from 1.7% to 1.2% in April, and the Producer Price Inflation print came in at 4.0%, below the 4.6% Wall Street expected. He attributes this structural disinflation to tariffs, deportations, artificial intelligence, and robotics. Meanwhile, the institutional arms race on Wall Street is accelerating. Morgan Stanley launched a spot Bitcoin ETF, calling it the most successful product in its history. BlackRock announced a new income-generating Bitcoin fund. Fidelity, VanEck, Bitwise, and ARK Invest are all competing aggressively for assets. Michael Saylor’s continued accumulation is deepening a supply squeeze as ETF inflows absorb available Bitcoin.