Bitcoin (BTC) is looking more like a safe-haven asset amid the financial wreckage caused by President Donald Trump’s tariff rollouts, according to the digital asset investment management firm NYDIG.
Greg Cipolaro, the global head of research at NYDIG, notes in a new analysis that Bitcoin demonstrated some decoupling with equities, US Treasuries and the dollar last week.
“Geopolitical tensions, including tariffs, remain topical (despite Trump walking back many of them), but political pressure from Trump on Fed Chair Powell, and even speculation about his potential dismissal that added to market unease. In many ways, this is exactly the kind of environment where Bitcoin should shine.
The decoupling from traditional risk assets is still very early and fragile, but for those watching crypto markets 24/7 (guilty), the shift is palpable. That said, we haven’t yet seen confirmation in the data. Our preferred correlation measure — a 90-day rolling window — currently shows rising correlations between bitcoin and US equities.”
Cipolaro argues that wavering faith in US policy choices has diminished the status of the US dollar and US Treasuries as safe-haven assets.
“What is interesting to us is that since ‘Liberation Day’ on April 2nd, a new picture of haven assets is starting to emerge, one which includes bitcoin. Bitcoin has acted less like a liquid levered version of levered US equity beta and more like the non-sovereign issued store of value that it is.”
Bitcoin is trading at $95,205 at time of writing. The top-ranked crypto asset by market cap is up more than 2% in the past 24 hours.
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