Iran's Strongman Warns "Buy US Treasuries and We'll Strike You": US Supporters Listed as Strike Targets, 10-Year Yield Surges Toward August High

Iranian Parliament Speaker Ghalibaf Issues Strong Warning, Declaring U.S. Debt Holders as Targets, Blurring the Line Between Military and Financial Coercion; Message Shocks U.S. Bond Markets, 10-Year Yield Rises to 4.4055%, Investors’ Confidence in Safe-Haven Assets for the Dollar Faces Rare Stress Test.
(Background Briefing: Breaking News — Israel Strikes Iran: Nationwide State of Emergency, Bitcoin Drops Below $104,000, Oil Prices Surge…)
(Additional Context: Arthur Hayes: The Longer the US-Iran Conflict Drags On, the More the Fed Has to Print Money; The Real Buying Opportunity for Bitcoin Is After Rate Cuts)

Table of Contents

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• Rising Tensions: Khamenei Has Died, Hormuz Strait Still Unresolved
• Market Reaction: U.S. Debt Sells Off, Rate Cut Expectations Fade
• Crypto Perspective: When Confidence in U.S. Bonds Wavers, Bitcoin’s Safe-Haven Narrative Is Reexamined

The Iran situation has escalated again, this time threatening not military targets but the core of the global financial system.

On March 22, Iran’s Parliament Speaker and former Islamic Revolutionary Guard Corps commander Mohammad Bagher Ghalibaf posted on X, issuing a direct warning to U.S. debt holders worldwide:

Alongside military bases, those financial entities that finance the US military budget are legitimate targets. US treasury bonds are soaked in Iranians’ blood. Purchase them, and you purchase a strike on your HQ and assets.

We monitor your portfolios. This is your final notice.

— محمدباقر قالیباف | MB Ghalibaf (@mb_ghalibaf) March 22, 2026

This statement is notably tough, directly linking financial actions with military threats, a rare geopolitical stance in recent years where asset allocation itself becomes a weapon.

Rising Tensions: Khamenei Has Died, Hormuz Strait Still Unresolved

Ghalibaf’s warning is not baseless. Newsweek reports that last month, the US and Israel jointly targeted multiple Iranian military sites, during which Supreme Leader Khamenei was killed. Iran responded with missile and drone strikes against Israel and US-backed Arab states in the Persian Gulf.

Meanwhile, Trump issued a 48-hour ultimatum demanding the full reopening of the Hormuz Strait, threatening to destroy Iran’s power plants if not. This strait carries about 20% of global oil consumption, and continued blockade could have devastating effects on worldwide energy supplies.

Spanish Prime Minister Sanchez has publicly called for reopening the strait, warning of a global energy crisis. Iran’s deputy foreign minister warned that any attack on critical infrastructure would trigger proportional retaliation and constitute war crimes. Israel’s US ambassador stated that pressure on Iran’s leadership should continue until conditions for a popular uprising are met.

All parties show no signs of de-escalation.

Market Reaction: U.S. Debt Sells Off, Rate Cut Expectations Fade

Ghalibaf’s warning has sent ripples through the bond markets. The 10-year U.S. Treasury yield rose to 4.4055%, nearing an 8-month high; bond futures declined simultaneously, indicating capital is leaving what has long been considered the safest global asset.

Investors have almost entirely abandoned expectations of Fed rate cuts this year — the energy shocks from the conflict have reignited inflation fears, shrinking the Fed’s policy room.

However, Justin Lin, strategist at Global X ETFs Australia, advises caution: “Both sides are mainly posturing; markets may adopt a ‘show me the real action’ attitude.” In other words, short-term volatility may not reflect systemic risk, and the focus remains on upcoming military or diplomatic moves.

Crypto Perspective: When Confidence in U.S. Bonds Wavers, Bitcoin’s Safe-Haven Narrative Is Reexamined

For crypto markets, this geopolitical shock holds particular significance. U.S. Treasuries have long been the global investors’ “risk-free asset” anchor. If holding Treasuries is publicly marked as a safety risk, the traditional safe-haven logic faces a major re-evaluation.

Some market participants are already reassessing: in an environment of escalating geopolitical risks and persistent inflation, can Bitcoin’s “digital gold” narrative benefit from this turbulence? Arthur Hayes recently pointed out that the longer the conflict drags, the more the Fed is forced to print money, making Bitcoin’s medium- to long-term buy case clearer.

Currently, Bitcoin’s price still correlates strongly with US stocks, with short-term safe-haven sentiment dominating. However, if the “safe asset” status of U.S. bonds continues to erode, and capital shifts toward non-sovereign assets, this structural trend warrants ongoing attention.