If tensions between Iran and Israel escalate, Bitcoin should be expected to rise following a jump in oil prices, according to former BitMEX CEO Arthur Hayes.

What will happen to the price of Bitcoin in fiat? It will be pumped. The first cryptocurrency is energy stored in digital form. Therefore, if oil and gas prices rise, it will also become more expensive [Hayes also means the profitability of mining here].

Hayes gave a historical example of a significant increase in commodity prices from 1973 to 1982 during the crises caused by the Arab embargo and the revolution in Iran. Then oil prices jumped by 412%, and gold by 380%.