Bitcoin Jumps 5%, Gaining With Gold, After US Kills Top Iranian Official

Bitcoin jumped the most in two weeks after a U.S. drone strike killed a top Iranian military commander, fueling speculation that heightened geopolitical turmoil might spur demand for the cryptocurrency in 2020. 

The digital asset’s price jumped 5 percent Friday to $7,300 as of 16:07 universal coordinated time (11:07 a.m. in New York). The surge, which appeared to follow gains in oil and gold prices, pushed bitcoin into positive territory for the year-to-date, now up 2.2 percent.

Mati Greenspan, founder of the cryptocurrency-focused research firm Quantum Economics, noted in an email that the U.S. attack drove up prices for gold, traditionally seen as a safe-haven asset whose value is expected to hold in times of geopolitical or economic instability. Many investors speculate that bitcoin bears similarities to gold, in terms of its perceived resistance to inflation. 

Higher oil prices could make investors nervous about future economic growth while also potentially pushing up…