Bitcoin might dip below $60,000 soon, but experts say it’s a good time to buy. According to Standard Chartered, the digital currency isn’t a safe haven against geopolitical risks. Instead, it serves as a hedge against issues in traditional finance.

The ongoing conflict in the Middle East is likely to weigh on Bitcoin (BTC) prices. This could push them down before the weekend. However, Standard Chartered believes this drop is a buying opportunity. They shared their insights in an email on Thursday.

Bitcoin doesn’t act as a shield against geopolitical instability. Gold, on the other hand, is considered a safer bet in such situations. Geoff Kendrick, who heads digital assets research at Standard Chartered, pointed out that while “gold is a geopolitical hedge,” Bitcoin is more about protecting against traditional finance problems, like bank failures or issues with the U.S. dollar.

Geopolitical concerns have been dragging Bitcoin prices down. Interestingly, these same concerns might boost Donald Trump’s chances of winning the U.S. election in November. This could improve Bitcoin’s prospects after the election.

The options market also supports this view. Recently, open interest for Bitcoin’s December expiry shot up to 80,000. That’s a significant increase.

Bitget Research shares a similar positive outlook. They noted that institutional investors are still buying digital currencies at rates that match or exceed daily mining outputs. Ryan Lee, the chief analyst at Bitget Research, emphasized this point in an email.

As of now, Bitcoin is trading around $60,500. That’s a slight drop of about 0.4% for the day. Meanwhile, the broader crypto market index, CoinDesk 20 (CD20), has fallen by 5.5%.