Source: Cointelegraph Original: "{title}"
The global trade war may become a positive factor for Bitcoin (BTC) to stand alongside gold as a safe-haven asset, as Bitcoin has advantages in liquidity and accessibility compared to precious metals.
Since U.S. President Donald Trump announced reciprocal import tariffs on April 2, financial markets have been turbulent, leading to record sell-offs in traditional stock markets and Bitcoin (BTC) prices dropping below $75,000.
While gold remains a primary safe haven for investors during geopolitical pressures, analysts say that Bitcoin's digital characteristics and around-the-clock liquidity are helping it attract new interest.
"You want to store value in something outside of U.S. assets. But you don't want to hold other countries' currencies/debts/assets because they are weaker and you expect them to depreciate," said Hunter Horsley, CEO of crypto asset management firm Bitwise, in a post on April 9.
"You look around and see an asset that cannot be devalued, is not controlled by any country, and can be owned immediately. You ultimately choose to buy Bitcoin," Horsley said.
Source: Hunter Horsley
Despite the growing optimism, gold may still maintain its dominance, especially in the short term, Aurelie Barthere, chief research analyst at the Nansen crypto intelligence platform, told Cointelegraph, adding:
"Bitcoin is promising, but still quite volatile, and it may gradually get there. The People's Bank of China (PBOC) has been reducing its holdings of U.S. Treasuries and increasing its gold reserves for years. Therefore, I expect this trend to accelerate, regardless of the cryptocurrency narrative."
On April 9, the Chinese Ministry of Finance announced new tariffs of up to 84% on U.S. imports, effective April 10, as a retaliatory measure against Trump's policies. Analysts say that solutions will reduce uncertainty and reignite interest in risk assets like cryptocurrencies.
China's tariffs are a retaliatory response to Trump's plan to impose import tariffs of up to 104% on Chinese goods, news secretary Karoline Leavitt told The Guardian on April 8.
Some industry analysts believe that Trump's global tariff negotiations are merely a "gesture" towards reaching an agreement with China, a development that could end global trade uncertainty and restore risk assets like cryptocurrencies.
Some countries have already begun taking steps to use crypto assets for international trade settlements.
"Reports indicate that China and Russia have begun settling some energy transactions using Bitcoin and other digital assets," wrote Matthew Sigel, head of digital asset research at VanEck, in a report on April 8. "These are early signs of Bitcoin evolving from a speculative asset to a functional currency tool."
Sigel pointed to other examples, including Bolivia's plans to use cryptocurrency to import electricity and French utility company EDF exploring the use of excess electricity for Bitcoin mining.
"These developments reflect a growing interest in neutral settlement channels, especially among economies looking to bypass the dollar," he said.
Previous reports have also noted that Russia is using Bitcoin and stablecoins for international oil trade to evade global sanctions.
Bitcoin's evolving "volatile characteristics" also suggest that it is "gradually maturing from a risk asset to a safe-haven asset," wrote André Dragosch, macro analyst and head of European research at Bitwise.
While tariff uncertainties continue to limit risk appetite during negotiations, positive developments may bring new investments to the crypto market.
"We will see rotations in the crypto market in the future, when the market becomes calmer and more peaceful, investors start to buy the dips, and realize that some things are undervalued," Michaël van de Poppe, founder of MN Consulting, told Cointelegraph.
Related: Weakening yuan draws attention, Bitcoin (BTC) rebounds, difficult to break through $80,000 temporarily affected by the China-U.S. trade war.
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