Jim Cramer Dismisses Crypto as Iranian War Hedge, Calls Market a ‘Slaughter’
Jim Cramer, the host of CNBC’s Mad Money, has voiced strong skepticism regarding the cryptocurrency market, particularly dismissing the notion of Bitcoin (BTC) as a safe haven asset amid escalating tensions between the U.S. And Iran. Cramer characterized the current state of the crypto market as a “slaughter,” questioning its utility during periods of geopolitical instability.
Cramer Questions Bitcoin’s Role as a Safe Haven
On Thursday, February 20, 2026, Cramer took to social media platform X to express his doubts about Bitcoin’s ability to function as a hedge against geopolitical risks. Specifically, he questioned whether Bitcoin could provide a safe harbor during a potential conflict with Iran. “at the risk of antagonizing everyone, what IS Bitcoin levered to? I was thinking could be good hedge against Iranian war. NOPE,” Cramer posted on X.
This commentary comes as the U.S. Military reportedly increases its air assets in the Middle East to levels not seen since 2003, including the deployment of Lockheed Martin F-35 fighter jets.
Market Sentiment and Price Action
Cramer’s assessment aligns with concerns expressed by other market observers, such as Ran Neuner, who has argued that Bitcoin has failed to demonstrate its value as a store of value during times of crisis. He further stated that “these ‘cryptos’” are “getting slaughtered today…”
As of February 19, 2026, Bitcoin was trading at $66,119.28, down 1.86% over the past 24 hours, but up 1.55% over the past seven days, according to CoinMarketCap data.
Defense Stocks Outperform Crypto
While digital assets have struggled, defense stocks have seen gains amid the heightened geopolitical tensions. Shares of Karman Holdings Inc (NYSE:KRMN) and Kratos Defense & Security Solutions Inc (NASDAQ:KTOS) have experienced significant increases as prediction markets indicate a 48% chance of regime change in Tehran by September.
Despite continued purchases by Strategy Inc. (NASDAQ:MSTR), capital has largely flowed into traditional safe-haven assets like gold rather than cryptocurrencies during this period of fiscal and military uncertainty.