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  • Markets

    Bitcoin’s price has declined since the White House announced new reciprocal tariffs, but we expect that tariffs and trade tensions will ultimately be positive for Bitcoin adoption over the medium term.​​​​‌‍​‍​‍‌‍‌​‍‌‍‍‌‌‍‌‌‍‍‌‌‍‍​‍​‍​‍‍​‍​‍‌​‌‍​‌‌‍‍‌‍‍‌‌‌​‌‍‌​‍‍‌‍‍‌‌‍​‍​‍​‍​​‍​‍‌‍‍​‌​‍‌‍‌‌‌‍‌‍​‍​‍​‍‍​‍​‍‌‍‍​‌‌​‌‌​‌​​‌​​‍‍​‍​‍‌​‌‌​‌‌‌‌‍‌​‌‍‍‌‌‍​‍‍‌‍‌‌​‍‌‍​‌‌‍‌‌​‌‍​‌‍​‌‌‍​‌‍‌‌​‍‍‌‍​‌‍‌‍‌​‍‌‍‍‌‌‍‍‌‌​‌‍‌‌‌‍‍‌‌​​‍‌‍‌‌‌‍‌​‌‍‍‌‌‌​​‍‌‍‌‌‍‌‍‌​‌‍‌‌​‌‌​​‌​‍‌‍‌‌‌​‌‍‌‌‌‍‍‌‌​‌‍​‌‌‌​‌‍‍‌‌‍‌‍‍​‍‌‍‍‌‌‍‌​​‌‌‍‌‌​‌‍​​​‌‍‌​​​‌​‌​‌‍‌​‌‍​‌​‍‌​‌​​​‍​​​​‍‌​‍‌​‌​‌‍​‍‌‍​‍​‍​​‍‌​‍‌​‌‌​​‌​‌​‍‌‌‍​‍‌‍‌‍‌‍‌‌​​​​‍‌‍​‌‍​‌​‌‍‌‍‌‌‌‍​​​​‌‍‌‍​‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌‍​‌‌​‍‌‌​‌‍‍‌‌‍​‌‍​‌‍‌‌​‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌‍​‌‌​‍‌‌​‌‍‍‌‌‍​‌‍​‌‍‌‌‌​​‍‌‍‌‍‌​‌‍‌​‍‌‌​‌‌‌​​‍‌‌‌‍‍‌‍‌‌‌‍‌​‍‌‌​​‌​‌​​‍‌‌​​‌​‌​​‍‌‌​​‍​​‍​​​‍​​​‌‌‍​‍‌‍​‌‍​​​‍​‌‍‌‍‌‍‌‍​​​‍‌‍​‌​‍‌‌​​‍​​‍​‍‌‌​‌‌‌​‌​​‍‍‌‍​‌‍‍​‌‍‍‌‌‍​‌‍‌​‌​‍‌‍‌‌‌‍‍​‍‌‌​‌‌‌​​‍‌‌‌‍‍‌‍‌‌‌‍‌​‍‌‌​​‌​‌​​‍‌‌​​‌​‌​​‍‌‌​​‍​​‍‌‍‌‌​‌‌‌‍​‍​​​​​​​​‌‍​‌‌‍‌​​‌​​​‌​​‍​‌​​‍‌‌​​‍​​‍​‍‌‌​‌‌‌​‌​​‍‍‌‌​‌‍‌‌‌‍​‌‌​​‌‍​‍‌‍​‌‌​‌‍‌‌‌‌‌‌‌​‍‌‍​​‌‌‍‍​‌‌​‌‌​‌​​‌​​‍‌‌​​‌​​‌​‍‌‌​​‍‌​‌‍​‍‌‌​​‍‌​‌‍‌​‌‌​‌‌‌‌‍‌​‌‍‍‌‌‍​‍‍‌‍‌‌​‍‌‍​‌‌‍‌‌​‌‍​‌‍​‌‌‍​‌‍‌‌​‍‍‌‍​‌‍‌‍‌​‍‌‍‌‍‍‌‌‍‌​​‌‌‍‌‌​‌‍​​​‌‍‌​​​‌​‌​‌‍‌​‌‍​‌​‍‌​‌​​​‍​​​​‍‌​‍‌​‌​‌‍​‍‌‍​‍​‍​​‍‌​‍‌​‌‌​​‌​‌​‍‌‌‍​‍‌‍‌‍‌‍‌‌​​​​‍‌‍​‌‍​‌​‌‍‌‍‌‌‌‍​​​​‌‍‌‍​‍‌‍‌‌​‌‍‌‌​​‌‍‌‌​‌‌‍​‌‌​‍‌‌​‌‍‍‌‌‍​‌‍​‌‍‌‌​‍‌‍‌​​‌‍​‌‌‌​‌‍‍​​‌‌‍​‌‌​‍‌‌​‌‍‍‌‌‍​‌‍​‌‍‌‌‌​​‍‌‍‌‍‌​‌‍‌​‍‌‌​‌‌‌​​‍‌‌‌‍‍‌‍‌‌‌‍‌​‍‌‌​​‌​‌​​‍‌‌​​‌​‌​​‍‌‌​​‍​​‍​​​‍​​​‌‌‍​‍‌‍​‌‍​​​‍​‌‍‌‍‌‍‌‍​​​‍‌‍​‌​‍‌‌​​‍​​‍​‍‌‌​‌‌‌​‌​​‍‍‌‍​‌‍‍​‌‍‍‌‌‍​‌‍‌​‌​‍‌‍‌‌‌‍‍​‍‌‌​‌‌‌​​‍‌‌‌‍‍‌‍‌‌‌‍‌​‍‌‌​​‌​‌​​‍‌‌​​‌​‌​​‍‌‌​​‍​​‍‌‍‌‌​‌‌‌‍​‍​​​​​​​​‌‍​‌‌‍‌​​‌​​​‌​​‍​‌​​‍‌‌​​‍​​‍​‍‌‌​‌‌‌​‌​​‍‍‌‌​‌‍‌‌‌‍​‌‌​​‍‌‍‌​​‌‍‌‌‌​‍‌​‌​​‌‍‌‌‌‍​‌‌​‌‍‍‌‌‌‍‌‍‌‌​‌‌​​‌‌‌‌‍​‍‌‍​‌‍‍‌‌​‌‍‍​‌‍‌‌‌‍‌​​‍​‍‌‌
    Apr 11, 2025
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