Key Takeaways:
- Binance’s CEO argues that Trump’s sweeping tariffs might paradoxically drive curiosity in borderless monetary programs like crypto, as traders search shelter from government-led instability.
- A $10,000 drop in BTC this previous weekend hasn’t shaken religion amongst seasoned holders, who view financial stress as a part of crypto’s proving floor.
- With Pew knowledge displaying widespread disapproval, Trump’s financial agenda might backfire, driving capital into decentralized alternate options like crypto.
U.S. President Donald Trump’s controversial tariff insurance policies might “speed up” curiosity within the digital asset sector, Binance CEO Richard Teng mentioned on Tuesday.
Binance CEO Richard Teng Shares His Take
In an April 8 X submit, Teng says that whereas “macro uncertainty” induced by Trump’s latest tariff insurance policies might set off a “risk-off response” within the short-term, the long-term results might show beneficial to the cryptocurrency business as an entire.
There's been a variety of dialogue in regards to the latest tariff escalation, and I wish to share my perspective on what this implies for crypto markets each now and in the long run.
The resurgence of commerce protectionism is introducing vital volatility throughout world markets — and…— Richard Teng (@_RichardTeng) April 8, 2025
“Trying additional forward, although, this setting might additionally speed up curiosity in crypto as a non-sovereign retailer of worth,” Teng mentioned. “Many long-term holders proceed to view Bitcoin and different digital property as resilient during times of financial stress and shifting coverage dynamics.”
Nonetheless, Teng acknowledged that the “resurgence of commerce protectionism” is producing volatility within the markets—together with in crypto.
Teng’s feedback come lower than every week after Trump debuted his tariff plan, which successfully put a ten% minimal on tariffs on items from just about all international locations.
The announcement despatched markets worldwide right into a tailspin, with key gamers within the U.S. inventory market swinging unpredictably.
Digital property had been no exception, with the worth of Bitcoin plummeting greater than $10,000 this previous weekend.
Nonetheless, the token’s worth was hovering round $77,000 as of Tuesday, a greater than 2% drop from April 7.
Donald Trump’s Tariffs Ruffle Financial Feathers
Talking to reporters aboard Air Pressure One on Monday, Trump likened the tariffs to “drugs” required to “repair one thing.”
“We’ve been handled so badly by different international locations as a result of we had silly management that allowed this to occur,” Trump mentioned. “They took our companies, they took our cash, they took our jobs.”
The president has confronted swift backlash over the coverage resolution, with new knowledge from Pew Analysis Heart indicating that almost all of People disapprove of the transfer.
As commerce partitions go up between the U.S. and different nations, solely time will inform if Teng is right about Trump’s tariffs producing elevated curiosity within the blockchain sector.
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