Donald Trump’s sweeping announcement of new tariffs on goods imported from Asia, Europe, and Latin America has sent shockwaves through global financial markets. Branded by the White House as a “reset of the global economic order,” this new protectionist offensive dragged major stock indices into the red and rekindled fears of a global recession. As investors flock back to traditional safe havens like gold and the Swiss franc, cryptocurrencies are drawing more cautious attention—still struggling to find a clearly defined role in the emerging economic landscape.
Interest Tempered by Volatility
“In uncertain environments like this, attention often turns to alternative assets,” notes Valérie Noël, Head of Trading at Banque Syz. Bitcoin has seen notable price swings in recent days—reaching close to $84,000 on April 4, 2025, before retreating to around $75,000 on April 9. The rebound by week’s end reflected how sensitive the market remains to geopolitical and economic tensions.
These price moves highlight the mixed perceptions still surrounding digital assets. “Bitcoin shares some traits with gold—limited supply, resistance to inflation—but its price is still more driven by technical and macroeconomic factors,” Noël explains. Straddling the line between emerging safe haven and speculative asset, crypto continues to chart its own course in a world undergoing deep transformation.
Mining and Tariffs: A Hit, But Not a Knockout
Crypto mining—an essential pillar for many cryptocurrencies—isn’t immune to the side effects of rising tariffs. Most mining equipment is imported from Asia, meaning new import duties could eat into profit margins for U.S.-based miners. However, the Trump administration’s recent decision to temporarily exempt certain electronic components from these tariffs could offer the industry a brief reprieve. “These highly specialized machines have become more expensive, and that’s squeezing margins,” says Noël.
Fabian Dori, Chief Investment Officer at Sygnum Bank, acknowledges that tariffs could “temporarily slow down the expansion of mining operations in the U.S.” Yet he’s quick to point out the industry’s adaptability: “It’s mobile, flexible, and has a track record of adjusting swiftly to changing regulatory and economic conditions.” Many miners could opt to relocate operations to more hospitable environments—with cheaper energy and more favorable tax regimes.
Raphaël Pardini, Chief Investment Officer at Targa 5 Advisors, offers a more tempered perspective. “It’s hard to predict all the ripple effects, but one immediate impact of heightened recession risk has been falling energy costs. That could actually benefit crypto miners, since energy is a major part of their operating expenses,” he notes. In other words, while tariffs may weigh on hardware imports, lower energy prices could help cushion the blow for some players in the sector.
Investors: Waiting or Wagering?
Crypto investor behavior is evolving under the pressure of trade tensions. “Some are cutting exposure to reduce their risk; others are doubling down, betting on a rebound,” says Noël. While there’s no evidence of a mass reallocation yet, industry players are noticing a more discerning approach to crypto investments—investors are becoming more selective about where they place their bets.
Pardini points out that institutional players remain laser-focused on liquidity: “In times of market stress, Bitcoin might be sold not out of distrust, but to meet margin calls elsewhere.” This highlights a critical truth: despite its theoretical appeal, crypto is still subject to broader market dynamics.
Regulation takes a backseat
The trade war is also shifting the focus of regulators, who are now preoccupied with geopolitical and economic priorities. “Cryptocurrencies are temporarily taking a back seat on the political agenda,” Pardini observes. While this regulatory pause may delay some initiatives, it also gives the industry breathing room to build and mature.
Looking ahead, experts see growing potential. “Crypto-assets are no longer a fringe niche—they’re an emerging asset class with distinct dynamics and opportunities,” says Sygnum’s Dori. Whether in cross-border payments, financial inclusion, or as a hedge against inflation, the range of use cases is expanding. That said, long-term growth still hinges on technological stability, mainstream adoption, and a clear regulatory framework.
In a global economy increasingly shaped by protectionism and nationalist policies, cryptocurrencies don’t yet offer the stability of traditional assets. But their role is evolving—gradually, but surely. As the trade war reshapes global power balances, Bitcoin and its peers could transition from speculative alternatives to strategic tools.
