According to The Block, Bitwise CIO Matt Hougan stated in the latest client memo that Bitcoin's recent strength is not a "return to risk appetite," but is related to the fragmentation of the global financial system caused by geopolitical conflicts. He said that since the U.S.-Israel airstrikes began on February 28, Bitcoin has risen about 12%, while the S&P 500 has fallen about 1% and gold has dropped about 10%. He believes that Bitcoin is both a "store of value" bet against gold and a "cross-border settlement currency" bet; he suggested that in some scenarios, $1 million may no longer be the upper limit but could become a "benchmark price."