Grant, debating Theo CIO Iggy Ioppe on the BeInCrypto expert panel, pointed out that sanctioned countries are quietly accumulating Bitcoin, much like Iran once hoarded gold. He argued that the key characteristic of a macro hedge asset is its decreasing correlation with other major assets when systemic pressure rises, rather than just an increase in price. Grant stated that while Bitcoin has recently been closely correlated with the Nasdaq, its 200-day correlation with the S&P 500 has retreated from its 2025 highs. Russia legalized Bitcoin and stablecoin payments for foreign trade on July 1 to circumvent Western banking sanctions, a move the EU has responded to, further demonstrating Bitcoin's role in sanctions evasion. Ioppe, however, argued that Bitcoin failed its short-term hedging test this year, though both acknowledged its long-term value. Bitcoin is currently trading at approximately $60,347, up 1.24% in 24 hours, with a market capitalization of $1.21 trillion.