Arthur Hayes, co-founder of BitMEX, forecasts a price surge for Bitcoin as oil and energy prices are expected to rise amid escalating tensions between Iran and Israel. In a blog post dated October 16, Hayes elaborates that should Iran target key oil and gas fields in response to the conflict, the resulting spike in oil prices could elevate all energy costs. Consequently, Bitcoin, which he describes as 'stored energy in digital form,' would likely appreciate in value against fiat currencies. Hayes draws parallels to historical commodity price increases during past oil crises and asserts that while mining profitability may adjust, decreases in mining hash rates could make Bitcoin extraction more accessible. Although oil prices have recently dipped, Bitcoin has experienced an upward trend, surpassing $68,000 for the first time since late July as of October 18. Meanwhile, gold prices have also surged amidst investor uncertainty related to geopolitical events and upcoming US elections, suggesting a shift toward safe-haven assets in turbulent times.

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