Bitcoin has swung wildly over the last week as traders ride U.S. president Donald Trump's tariff rollercoaster (with Michael Saylor's Strategy issuing a shock warning).
U.S. president Donald Trump is grappling with a growing U.S. dollar “crisis of confidence” that some economists think could boost the bitcoin price.
“The question of a potential dollar confidence crisis has now been definitively answered—we are experiencing one in full force,” ING analysts including Francesco Pesole wrote in a note seen by Bloomberg. “The dollar collapse is working as a barometer of ‘sell America’ at the moment.”
The escalating Trump-led global trade war saw the ICE U.S. Dollar Index, which measures the U.S. dollar against a basket of global currencies, fall sharply this week, dropping under the 100 level and putting it on course to return to its 2022 range.
04/12 update: The U.S. dollar has fallen to its lowest level in three years as U.S. president Donald Trump’s hot-and-cold approach to global tariffs is driving extreme volatility on U.S. financial markets.
“What we are going through now is worse than when former President Nixon took us off the gold standard in August 1971,” Marc Chandler, the New York-based chief market strategist for Bannockburn Global Forex, told MarketWatch. “The biggest damage right now is to the U.S. brand.”
Meanwhile, the chaos and uncertainty of the escalating tariff war could help bitcoin close the gap on gold’s $22 trillion market capitalization, according to a report from bitcoin and crypto asset manager Grayscale.
“In our view,
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