PANews reported on March 12 that Arthur Hayes wrote that Bitcoin (BTC) has risen approximately 7% since the outbreak of the Iraq War on February 28, while gold has fallen by about 2% and the Nasdaq 100 index has slightly declined by about 0.5% during the same period. Hayes stated that compared to similar large-cap risk assets, Bitcoin has performed best in this round of oil and gas price shocks, demonstrating its market pricing difference from traditional assets in the context of geopolitical and energy price fluctuations.