As President Trump's tariff policy escalates global trade tensions, Bitcoin (BTC) is receiving new attention as a safe-haven asset. Particularly, its potential as an alternative asset is highlighted by its advantages in liquidity and accessibility compared to gold.
The U.S. mutual import tariff policy announced on April 2nd shocked global financial markets, causing traditional stock markets to face selling pressure and Bitcoin prices to temporarily drop below $75,000. Nevertheless, the cryptocurrency industry analyzes that Bitcoin's digital nature and 24-hour trading capability are again attracting investors' attention.
Hunter Horsley, CEO of Bitwise, stated, "Investors seeking assets that can preserve value instead of U.S. assets are not interested in weakened foreign currencies, debt, or other national assets" and "they choose Bitcoin as an asset that can be immediately held without national control".
Despite growing expectations, it is also noted that gold still maintains its status as the mainstream safe-haven asset. Aurelie Barthere, senior analyst at Nansen, evaluated that "Bitcoin's potential is clear, but its high volatility remains, and it can gradually establish itself as a safe-haven asset". She added that "the gold-centered trend will accelerate" by pointing out that the People's Bank of China has been reducing U.S. Treasury bonds and increasing gold reserves.
The Chinese Ministry of Finance directly responded to Trump's policy by announcing retaliatory tariffs of up to 84% on U.S. imported goods on April 9th, following Trump's announcement of 34% tariffs on Chinese products the previous day. Experts predict that while these tariff exchanges between the two countries are expanding trade uncertainty and constraining risk asset investment sentiment, the cryptocurrency market may regain vitality if negotiations are concluded.
Meanwhile, some interpret this negotiation as merely a strategic gesture for 'concluding transactions with China'. Matthew Sigel, Digital Asset Research Director at VanEck, explained, "China and Russia are settling some energy transactions with digital assets like Bitcoin" and "this is an early indication that Bitcoin is evolving from a speculative asset to a practical monetary tool".
Sigel also mentioned Bolivia's plan to use cryptocurrency for electricity imports and the French power company EDF's review of Bitcoin mining using surplus electricity. He emphasized that "these trends show growing interest in a neutral payment network among countries seeking to bypass the U.S. dollar".
Additionally, there have been reports that Russia is introducing Bitcoin and stablecoins in international oil transactions to avoid global sanctions, and diagnoses that Bitcoin's volatility pattern is gradually changing from a 'risky asset' to a 'safe haven asset'.
André Dragosch, European Research Director at Bitwise, said, "Bitcoin's price movements are showing a gradually maturing asset-like trend" and forecast its evolution into a long-term safe-haven asset.
While the opacity derived from global trade conflicts still constrains purchases of risky assets, there are expectations that cryptocurrencies could show strong rebounds if the market finds stability. Michaël van de Poppe, founder of MN Consulting, predicted, "When the market stabilizes, there will be a revaluation of undervalued assets" and "funds will flow back into the cryptocurrency market".
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