Bitwise CIO： With the formation of a more decentralized reserve system, the tariff storm may benefit Bitcoin

According to The Block, amidst the global trade war tensions, world powers have launched tariff wars against each other, leading to increased volatility in the Bitcoin and cryptocurrency markets. Last week, US President Trump announced the imposition of extensive import tariffs, causing stock market panic and a setback in risk assets. Bitwise Chief Investment Officer Matt Hougan said that investors are currently facing difficulties with large market volatility and complex information, but the White House's plan is gradually becoming clear. Steve Miran, Chairman of the White House Council of Economic Advisers, pointed out that the reserve currency status of the US dollar puts pressure on the US manufacturing industry and distorts the currency market. Hougan believes that this implies that the US dollar needs to depreciate, and the Trump administration intends to significantly devalue the dollar, even if it sacrifices its position as the world's only reserve currency. He expects that the short-term weakness of the US dollar will drive Bitcoin to strengthen, and since 2020, the two have often been moving in opposite directions, and this trend may continue. Hougan stated that in the long run, the outlook for Bitcoin is more optimistic. The rebalancing caused by tariffs and global de dollarization may prompt countries to adopt new reserve currencies. Hougan believes that in the process of shifting towards a "more decentralized reserve system," the world will increasingly focus on "hard currencies" such as Bitcoin and gold.