Source: Cointelegraph Original: "{title}"
Bitcoin holders are facing new pressure following U.S. President Donald Trump's trade tariff announcement, which has shaken global financial markets, including cryptocurrencies.
Even as Bitcoin holders face pressure, some community members, including BitMEX co-founder Arthur Hayes, are seizing the opportunity to buy BTC at a discount.
“I’ve been buying BTC in small amounts all day and will continue to do so,” Hayes wrote on Tuesday (April 7) on X, as Bitcoin's price hovered around $75,000.
Source: Arthur Hayes
He also predicted that Bitcoin's dominance in the broader crypto market could grow. He expects the current market share of 60.5% to rise to 70%.
While Hayes accumulates BTC amid the market turmoil triggered by tariffs, his investment firm Maelstrom reportedly sold BTC on December 14, 2024, when the trading price was close to its historical high of about $100,000.
In a blog post titled “The Truth About Trump,” Hayes had predicted a massive cryptocurrency crash following Trump's inauguration in January, signaling a conflict between market optimism regarding his crypto policies and the reality of policy implementation.
“The mantra of Bitcoin evangelists to never sell and buy on every dip is testing the nerves of holders,” Petr Kozyakov, co-founder and CEO of payment infrastructure platform Mercuryo, told Cointelegraph.
Bitcoin price over the past year. Source: CoinGecko
“Amateur retail traders and advanced financial fortresses seem equally powerless to predict Trump’s next move,” he said.
He added that many traders are on the sidelines, weighing whether the market has become oversold. Despite the short-term uncertainty, Kozyakov remains optimistic about Bitcoin's long-term prospects as “the new digital gold.”
“Traders are cautiously waiting for opportunities to re-enter the market and weighing evidence of overselling.”
Kozyakov is not the only one who sees a bright future for Bitcoin as “the new digital gold.” ARK Invest founder Cathie Wood is also optimistic about Bitcoin relative to gold, claiming that the situation of “replacing gold with Bitcoin” has already occurred this February.
Despite the optimism from Hayes and Wood, other members of the crypto community warn that Bitcoin needs more than just a store of value narrative to remain relevant.
Jack Dorsey, former Twitter CEO and serial crypto entrepreneur, is skeptical about whether BTC can succeed purely as a store of value.
“If it’s just a store of value without any other function, I don’t think it will gain relevance at all,” Dorsey said in an episode of the “Presidio Bitcoin” podcast on April 2.
Jack Dorsey on the “Presidio Bitcoin” podcast on April 2. Source: YouTube
To maintain relevance, Bitcoin must retain its payment applications, he said:
“Otherwise, it’s just something you buy and forget, only used in emergencies or when you want to cash out again. So I think if it doesn’t shift to payments and find everyday applications, it will become increasingly irrelevant. And that’s a failure for me.”
Despite its volatility being widely seen as a major barrier to its payment applications, Bitcoin remains a primary payment asset on platforms like BitPay in 2024. Some jurisdictions are also using Bitcoin as a payment tool in global trade.
Related: Analysts say Bitcoin is on the brink of the largest “price retracement” in a bull market.
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