Written by: Mamengniu, Deep Tide TechFlow
Monday morning began with a plunge in cryptocurrency.
Bitcoin fell below $93,000, with a total liquidation of $864 million in 24 hours, a familiar scenario.
Meanwhile, gold and silver are reaching historic highs.
The real "culprit" may still be our old friend: Trump's obsession with Greenland, and the unprecedented tariff war it has triggered with European allies.
Just yesterday, Trump threatened to impose a 10% tariff on eight European countries—Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland—if an agreement to purchase Greenland is not reached, with tariffs rising to 25% in June.
We have become accustomed to Trump using tariff threats against China, Mexico, and even other trading partners. But using economic weapons to threaten NATO allies? This is relatively rare in the post-war history of international relations. When these European countries sent troops to Greenland to participate in the Denmark-led "Arctic Resolve" exercise, Trump interpreted it as a provocation against the U.S. and immediately wielded the tariff stick.
Europe's response was also unprecedented. The eight countries quickly issued a joint statement warning that Trump's tariff threats "undermine transatlantic relations and face a dangerous spiral downwards."
More importantly, French President Macron is pushing the EU to activate the so-called "anti-coercion tool," the most powerful trade weapon that the EU passed in 2023 but has never used. The EU is discussing imposing retaliatory tariffs on $93 billion worth of U.S. goods, tariffs that were prepared last year but were suspended due to a trade agreement.
The plunge in Bitcoin also becomes understandable.
After being tamed by Trump and Wall Street, Bitcoin is currently still essentially a "U.S. asset," reliant on the stability of the dollar system and the liquidity of U.S. financial markets.
When the U.S. experiences fundamental conflicts with its traditional allies, Bitcoin loses its appeal as a "global" and "decentralized" asset. Recall the flash crash on October 11, when Trump threatened to impose an additional 100% tariff on Chinese goods, causing Bitcoin to plummet $12,000 in just a few minutes.
In stark contrast, the performance of gold and silver reflects a bet on a "de-Americanized" world.
A key detail: the trade agreement reached between Europe and the U.S. last summer raised tariffs on European products to 15%, while reducing tariffs on U.S. industrial goods to zero, criticized as "Europe's moment of humiliation." Now, with Trump threatening tariffs again, it proves that compromise does not bring lasting peace but may encourage more extortion.
This has made global central banks and investors aware of a fundamental issue: in a multipolar world filled with uncertainty, only "stateless" assets like gold can provide true security.
We are witnessing a historic turning point. The "liberal international order" established after the Cold War is collapsing, replaced by a new world dominated by economic nationalism. In this new world, alliances become fragile, trade becomes a weapon, and true "safe-haven assets" are no longer those reliant on specific countries or systems, but rather tangible assets that can transcend different political entities and currency zones, typically resources, gold, silver, copper, and aluminum.
From the perspective of Bitcoin and cryptocurrencies, perhaps an internal revolution is also needed, to break free from the gravitational pull of Trump and the dollar, and to start a wave of "de-Americanization," making Bitcoin not just a dollar asset, but a decentralized asset that serves all of humanity.
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