On April 2, BitMEX co-founder Arthur Hayes published a long article for market outlook, stating that he no longer cares whether Trump will raise tariffs on April 2, regardless of the amount. Because at the FOMC meeting in March, Powell commented on the "impact of Trump's tariff proposal on inflation", any inflation caused by tariffs is "temporary". The belief in "temporary" inflation allows the Federal Reserve to continue its loose policy even if inflation soars due to significantly increased tariffs. At least for assets traded only with legal tender, tariffs are no longer important.

Regarding Bitcoin, Arthur Hayes analyzed that Bitcoin trading is completely based on market expectations of future legal currency supply. If the Federal Reserve makes a major shift from quantitative tightening (QT) to government bond quantitative easing (QE), then Bitcoin reached a local low of $76,500 last month, and now we are beginning to climb towards $250,000 by the end of the year. If betting on whether Bitcoin will first reach $76,500 or $110,000, I would choose the latter. Even if the US stock market continues to fall due to tariffs, earnings expectations collapse, and foreign demand weakens, I still believe in the greater possibility of Bitcoin continuing to rise and still think Bitcoin can reach $250,000 before the end of the year.