Bitwise CIO Says Trump’s Tariff Plan Could Supercharge Bitcoin

Bitwise CIO Matt Hougan said in an Apr. 8 note to clients that the Trump administration intends to weaken the dollar and that the move has several bullish implications for Bitcoin, including becoming one of the world’s reserve currencies in a global multi-currency system.

According to Hougan, the Trump administration intends to weaken the dollar even at the expense of ending its role as the world’s reserve currency. This would have both short-term and long-term implications for the world’s most valuable cryptocurrency.

Hougan says Bitcoin will strengthen against the dollar in the short term. Over the past five years, Bitcoin has gained whenever the dollar has dropped, and Hougan believes this trend will continue.

In the long term, a weakened dollar is expected to drive demand for less volatile options, creating the possibility of a global shift from a single reserve currency (the dollar) to a more fractured system in which other assets like Bitcoin and gold play a bigger role.

“In December, Bitwise predicted that bitcoin would end the year at $200,000. I still think that’s in play,” Hougan wrote.