PANews news on April 9th, according to The Block, amid tense global trade tensions where major world powers are launching tariff wars, the Bitcoin and cryptocurrency markets are experiencing increased volatility. Last week, US President Trump announced broad import tariffs, triggering stock market panic and causing risk assets to suffer. Bitwise's Chief Investment Officer Matt Hougan stated that current investors are facing challenges, with high market volatility and complex information, though the White House's plans are gradually becoming clearer. Steve Miran, Chairman of the White House Council of Economic Advisers, pointed out that the US dollar's reserve currency status puts pressure on US manufacturing and distorts currency markets.
Hougan believes this suggests the US dollar needs to depreciate, and the Trump administration intends to significantly devalue the dollar, even at the cost of its status as the sole global reserve currency. He predicts that the dollar's short-term weakness will drive Bitcoin's strength, as the two have often moved in opposite directions since 2020, a trend that may continue. Hougan stated that from a long-term perspective, Bitcoin's prospects are more optimistic. The rebalancing caused by tariffs and global de-dollarization may prompt countries to adopt new reserve currencies. Hougan believes that in the process of moving towards a "more decentralized reserve system", the world will increasingly focus on "hard currencies" like Bitcoin and gold.
