Bitcoin, Gold, and S&P Comparison Chart Since the Start of the Iran Conflict. BTC growth against the backdrop of gold and S&P 500 decline is not proof of its safe-haven asset status. The key factor is the different market stage. Bitcoin at the start of the conflict was already in a deep correction (−50% from ATH), where a significant portion of sellers had already exited. Gold and S&P 500, by contrast, remained near their highs, where the market is more vulnerable to profit-taking and the beginning of decline. Therefore, the observed dynamics are better explained by timing and cycle phase rather than BTC's transition into the "digital safe-haven" category.