Trump’s Tariffs Tank Bitcoin: Who’s Buying the Dip? 🤔

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So, Bitcoin holders are sweating bullets again, thanks to everyone’s favorite chaos agent, Donald Trump. His latest trade tariffs have sent shockwaves through the markets, and, of course, Bitcoin is taking a hit. But hey, some people just can’t resist a good sale. 🛒

Enter Arthur Hayes, the BitMEX co-founder, who’s apparently been “nibbling on BTC all day” like it’s a bag of chips. 🥴 He’s all in, even as Bitcoin hovers around $75,000. Bold move, Arthur. Bold move.

Hayes is also predicting that Bitcoin’s dominance in the crypto market will grow, from 60.5% to 70%. Because, you know, Bitcoin needs more dominance. 🙄

Traders Are Just Guessing at This Point

While Hayes is busy stacking sats, his investment firm, Maelstrom, reportedly sold BTC in December 2024 when Bitcoin was near its all-time high of $100,000. Classic “buy high, sell low” strategy, right? 😅

In a blog post titled “Trump Truth,” Hayes had predicted a massive crypto crash after Trump’s inauguration. Because, of course, Trump’s policies would clash with market optimism. Who could’ve seen that coming? 🤷‍♂️

Petr Kozyakov, CEO of Mercuryo, summed it up perfectly: “The gospel of Bitcoin evangelists to never sell and buy every dip is testing the nerves of hodlers.” Translation: Everyone’s freaking out. 😬

Kozyakov also pointed out that both amateur traders and Wall Street bigwigs are equally clueless about Trump’s next move. Surprise, surprise. 🤯

Despite the short-term uncertainty, Kozyakov remains bullish on Bitcoin’s long-term outlook, calling it “the new digital gold.” Because, you know, gold wasn’t already a thing. 🥇

“Traders are cautiously waiting on the sidelines for opportunities to re-enter the market and weighing if there may be evidence of overselling.”

Kozyakov isn’t alone in his optimism. ARK Invest’s Cathie Wood is also bullish on Bitcoin vs. gold, claiming that the “substitution” of gold for Bitcoin has already happened. Sure, Cathie. Sure. 😏

Jack Dorsey Thinks Bitcoin Needs to Step Up Its Game

Not everyone is sipping the Bitcoin Kool-Aid, though. Jack Dorsey, the former CEO of Twitter and serial crypto entrepreneur, is skeptical about Bitcoin’s future as a pure store of value. 🧐

“If it just ends up being a store of value and nothing more, I don’t think it gains relevance at all,” Dorsey said on a podcast. Ouch. 🥶

Dorsey believes Bitcoin needs to maintain its payment use case to stay relevant. Otherwise, it’s just something you buy and forget about until you need cash. And that, according to Dorsey, is a failure. 💸

“Otherwise, it’s just something you kind of buy and forget and only use in emergency situations or when you want to get liquid again. So I think if it doesn’t transition to payments and find that everyday use case, it just gets increasingly irrelevant. And that’s a failure to me.”

Despite its volatility, Bitcoin continued to be a major payment asset on platforms like BitPay in 2024. Some jurisdictions have even used Bitcoin in global trade. So, maybe there’s hope yet. Or maybe not. Who knows? 🤷‍♀️

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2025-04-07 18:36