$BTC
I agree!
According to the CEO of Binance, Trump's tariff policies may accelerate interest in cryptocurrencies.
The divisive trade policies of U.S. President Donald Trump may "accelerate" interest in the digital asset industry, said Binance CEO Richard Teng on Tuesday.
Richard Teng, CEO of Binance, Shares His Point of View
Teng stated in a post on X on April 8 that while the "macro insecurity" caused by Trump's recent tariff measures may lead to a "risk-averse response" in the near future, the long-term consequences could be beneficial for the bitcoin market as a whole.
"Looking ahead, however, this environment may also accelerate interest in crypto as a non-sovereign store of value," Teng added. "Many long-term holders still see Bitcoin and other digital assets as robust under changing policy dynamics and economic stress."
Teng admitted, however, that the "resurgence of trade protectionism" is generating instability in the markets, especially in cryptocurrencies.
Teng's comments came less than a week after Trump unveiled his tariff proposal, which essentially set a minimum of 10% on import taxes from nearly all nations.
With key participants in the U.S. stock market fluctuating drastically, the statement stirred the markets as a whole.
Digital assets were no exception; the value of Bitcoin fell more than $10,000 over the last weekend.
But, by Tuesday, the value of the token was hovering around $77,000, a drop of more than 2% compared to April 7.
Donald Trump's Tariffs Stir Economic Feathers
Speaking with reporters on Monday aboard Air Force One, Trump compared the tariffs to "medications" necessary to "fix something."
"We have been treated so badly by other countries due to foolish leadership that allowed this to happen," Trump said. "They took our business, our money, and our jobs."
