555: Iran, Bitcoin, and What It Means for Gold

If you want to understand where money is going… don't listen to what people say. Watch what happens when the system is under stress. Right now, in the Strait of Hormuz—arguably the most important energy chokepoint in the world—Iran has effectively taken control of transit and, in some cases, is demanding payment in bitcoin for passage. Why? Because when you're operating under heavy sanctions, the traditional system stops working. Payments can be blocked. Assets can be frozen. Transactions can be tracked and shut down. So you move to something that doesn't rely on permission. In this case, that means digital assets—Bitcoin, stablecoins, anything that allows settlement outside the banking system. This isn't theoretical anymore. It's happening in the middle of a real geopolitical conflict—one that has already disrupted a massive portion of global oil flows and pushed prices higher. Now step back for a second. That core idea—avoiding counterparty risk—is not new. That's exactly why gold has existed as money for thousands of years. No counterparty No issuer No reliance on a system But Bitcoin introduces a different version of that same idea. It's: digital highly liquid instantly transferable No shipping. No storage. No borders. So now you have two assets solving the same fundamental problem—just in very different ways. Of course, the pushback on Bitcoin is always volatility. "It's too volatile to be a store of value." But think about that carefully. Bitcoin is still small relative to gold. It doesn't take much capital to move it. So is the volatility the problem… or just a reflection of its current market capitalization? And what happens if that changes? Meanwhile, gold—the original hard asset—has quietly been doing exactly what it's supposed to do. After years of going nowhere, it's been one of the biggest beneficiaries of everything we're seeing right now: Geopolitical instability Central bank accumulation A growing lack of trust in the financial system So the question for investors is: Has gold already made its move… or is this just getting started? That's what we get into on this week's Wealth Formula Podcast. My guest is David Beahm, President and CEO of Blanchard and Company, one of the oldest precious metals firms in the U.S. We talk about what's actually driving gold, the debate between physical gold and ETFs, the real-world issues around liquidity and taxes, and how to think about gold in a world where Bitcoin is no longer theoretical—it's being used in real geopolitical situations.