Key Takeaways:
- Binance’s CEO argues that Trump’s sweeping tariffs may ironically drive interest in borderless financial systems like crypto, as investors seek shelter from government-led instability.
- A $10,000 drop in BTC this past weekend hasn’t shaken faith among seasoned holders, who view economic stress as part of crypto’s proving ground.
- With Pew data showing widespread disapproval, Trump’s economic agenda could backfire, driving capital into decentralized alternatives like crypto.
U.S. President Donald Trump’s controversial tariff policies may “accelerate” interest in the digital asset sector, Binance CEO Richard Teng said on Tuesday.
In an April 8 X post, Teng says that while “macro uncertainty” induced by Trump’s recent tariff policies may trigger a “risk-off response” in the short-term, the long-term effects could prove valuable to the cryptocurrency industry as a whole.
“Looking further ahead, though, this environment could also accelerate interest in crypto as a non-sovereign store of value,” Teng said. “Many long-term holders continue to view Bitcoin and other digital assets as resilient during periods of economic stress and shifting policy dynamics.”
However, Teng acknowledged that the “resurgence of trade protectionism” is producing volatility in the markets—including in crypto.
Teng’s comments come less than a week after Trump debuted his tariff plan, which effectively put a 10% minimum on tariffs on goods from virtually all countries.
The announcement sent markets worldwide into a tailspin, with key players in the U.S. stock market swinging unpredictably.
Digital assets were no exception, with the value of Bitcoin plummeting more than $10,000 this past weekend.
However, the token’s value was hovering around $77,000 as of Tuesday, a more than 2% drop from April 7.
Donald Trump’s Tariffs Ruffle Economic Feathers
Speaking to reporters aboard Air Force One on Monday, Trump likened the tariffs to “medicine” required to “fix something.”
“We have been treated so badly by other countries because we had stupid leadership that allowed this to happen,” Trump said. “They took our businesses, they took our money, they took our jobs.”
The president has faced swift backlash over the policy decision, with new data from Pew Research Center indicating that the majority of Americans disapprove of the move.
As trade walls go up between the U.S. and other nations, only time will tell if Teng is correct about Trump’s tariffs generating increased interest in the blockchain sector.
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