The geopolitics angle is real but the analysis usually stops too early.The question isn't "does BTC rise during conflict" — it's whether Bitcoin is becoming a *parallel reserve system* that operates outside the sanctions regime entirely.Gulf states, Russia-adjacent flows, Iran — they're not buying BTC because they think it will go up. They're buying it because USD rails can be switched off and Bitcoin rails cannot.That's a fundamentally different demand driver than retail speculation. And it compounds.#bitcoin #geopolitics