Richard Teng, chief executive officer at cryptocurrency exchange behemoth Binance, has predicted that the macrofinancial uncertainty caused by the tariff mayhem might end up benefiting the crypto market in the long term.
According to Teng, such a volatile and unpredictable macroenvironment could potentially speed up investment in crypto as a "non-sovereign store of value."
Teng argues that many long-term crypto holders tend to view the nascent asset class as "resilient" during periods of extreme market turbulence.
Yuri MolchanEven though Bitcoin weirdly experienced very little volatility on the so-called "Liberation Day," the leading cryptocurrency then ended up plunging in tandem with global stock markets.
On Monday, Bitcoin nosedived to a multi-month low of $74,434. Throughout the day, it experienced extreme bouts of volatility, reacting to tariff-related news in lockstep with the U.S. stock market.
After experiencing a modest relief rally, Bitcoin is currently trading at $77,423, reaching a new intraday low on the news that the U.S. would raise tariffs on China to 104% on Wednesday.
Vladislav Sopov
Dan Burgin