Bitcoin investors are feeling the pressure once again as recent tariff threats from U.S. President Donald Trump ripple through global financial markets — and the crypto world hasn’t been spared.
Despite the turbulence, some Bitcoin believers are viewing the downturn as a prime buying opportunity. BitMEX co-founder Arthur Hayes, for one, isn’t shying away from the dip.
“I’ve been steadily picking up BTC today and plan to keep going,” Hayes shared on X (formerly Twitter) on April 7, as Bitcoin hovered around the $75,000 mark.
Hayes also expressed confidence that Bitcoin’s dominance in the crypto market — currently around 60.5% — could climb closer to 70% in the coming months.
Markets Brace for Uncertainty as Traders Watch Trump’s Moves
While Hayes takes advantage of the pullback, it’s worth noting that his firm, Maelstrom, offloaded BTC back in December 2024 when prices neared $100,000 — close to its peak. In a blog post titled “Trump Truth,” Hayes warned of a potential crash triggered by market disillusionment with Trump’s stance on digital assets.
The unwavering mindset of hardcore Bitcoin holders is being tested. “The mantra of never selling and always buying dips is pushing the limits of many investors’ patience,” said Petr Kozyakov, CEO and co-founder of the payments firm Mercuryo.
“Whether you’re a retail trader or a Wall Street heavyweight, no one can confidently predict what Trump might do next,” he added. Kozyakov pointed out that many market participants are staying cautious, unsure if prices have bottomed out — but he remains optimistic about Bitcoin’s future as a digital equivalent to gold.
Institutional Optimism Grows, but Bitcoin Faces a Crucial Test
Kozyakov isn’t the only one bullish on Bitcoin’s role as “digital gold.” Cathie Wood, CEO of ARK Invest, stated earlier this year that gold has already started to be replaced by Bitcoin in investors’ portfolios.
Still, not everyone is convinced that Bitcoin’s store-of-value narrative is enough. Jack Dorsey, former Twitter CEO and long-time crypto advocate, argued that without a practical use for payments, Bitcoin could lose its edge.
“If it’s only a store of value and nothing more, I don’t see it maintaining relevance,” Dorsey said on an April 2 episode of the “Presidio Bitcoin” podcast.
He stressed the importance of Bitcoin being used for everyday transactions: “If people only turn to it in emergencies or as a liquidity exit, it risks fading into irrelevance. Without becoming a true payment system, it fails in my eyes.”
Even with these challenges, Bitcoin remained a popular payment method in 2024, especially through services like BitPay. Some nations have also begun leveraging Bitcoin for trade, signaling that its use case may still be evolving.
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