Trump’s tariffs shake Bitcoin ( $75,797.00 ) , but some are buying the dip

Bitcoin ( $75,797.00 ) holders are facing renewed pressure following US President Donald Trump’s trade tariff announcement, which sent shockwaves through global financial markets, including cryptocurrencies.

However, with Bitcoin ( $75,797.00 ) (BTC) hodlers now under pressure, some community members, including BitMEX co-founder Arthur Hayes, are not missing a chance to buy BTC at a discount.

“Been nibbling on BTC all day, and shall continue,” Hayes wrote on X on April 7 as the Bitcoin ( $75,797.00 ) price hovered around $75,000.

He also predicted that Bitcoin ( $75,797.00 ) ’s dominance in the broader crypto market could grow. He expects the current 60.5% share of the market to go toward 70%.

Traders are “powerless to second-guess Trump’s next move”

While Hayes is stacking sats during the tariff-fueled market bloodbath, his investment firm, Maelstrom, reportedly sold BTC in December 2024, when Bitcoin ( $75,797.00 ) traded near its all-time high of about $100,000.

In a blog post titled “Trump Truth,” Hayes had predicted a massive crypto crash after Trump’s inauguration in January, forecasting a clash in market optimism over his crypto policies and the realities of policy implementation.

Related: Michael Saylor’s Strategy halts Bitcoin ( $75,797.00 ) buys despite dip below $87K

“The gospel of Bitcoin ( $75,797.00 ) evangelists to never sell and buy every dip is testing the nerves of hodlers,” Petr Kozyakov, co-founder and CEO at the payments infrastructure platform Mercuryo, told Cointelegraph.

“Amateur retail traders and the citadels of high finance appear equally powerless to second-guess Trump’s next move,” he said.

He added that many traders are waiting on the sidelines, weighing whether the market has been oversold. Despite short-term uncertainty, Kozyakov remains bullish on Bitcoin ( $75,797.00 ) ’s long-term outlook as “the new digital gold.”

“Traders are cautiously waiting on the sidelines for opportunities to re-enter the market and weighing if there may be evidence of overselling.”

Kozyakov is far from being alone in seeing a promising future for Bitcoin ( $75,797.00 ) as “new digital gold.” ARK Invest founder Cathie Wood is also bullish on Bitcoin ( $75,797.00 ) vs. gold, claiming in February that the “substitution” of gold for Bitcoin ( $75,797.00 ) has already happened.

Bitcoin ( $75,797.00 ) will fail without payment use case, says Jack Dorsey

Despite the bullish sentiment of Hayes and Wood, others in the crypto community have cautioned that Bitcoin ( $75,797.00 ) needs more than just a store-of-value narrative to remain relevant.

Jack Dorsey, former CEO of Twitter and serial crypto entrepreneur, is skeptical about whether BTC can succeed as a pure store of value.

“If it [ Bitcoin ( $75,797.00 ) ] just ends up being a store of value and nothing more, I don’t think it gains relevance at all,” Dorsey said on a “Presidio Bitcoin ( $75,797.00 ) ” podcast episode on April 2.

To stay relevant, Bitcoin ( $75,797.00 ) has to maintain its payment use case, he said:

“Otherwise, it’s just something you kind of buy and forget and only use in emergency situations or when you want to get liquid again. So I think if it doesn’t transition to payments and find that everyday use case, it just gets increasingly irrelevant. And that’s a failure to me.”

Despite its volatility largely being seen as a major impediment to its payment use case, Bitcoin ( $75,797.00 ) continued to be a major payment asset on platforms like BitPay in 2024. Some jurisdictions have used Bitcoin ( $75,797.00 ) as a tool of payment in global trade as well.

Magazine: Bitcoin ( $75,797.00 ) heading to $70K soon? Crypto baller funds SpaceX flight: Hodler’s Digest, March 30 – April 5