Analyst: No country can win in a global trade war, Bitcoin price will soar as a result

On April 6th, according to Jeff Park, an analyst at Bitwise, President Trump's trade policy is likely to trigger global macroeconomic turbulence and a short-term financial crisis. This, in turn, will ultimately lead to a greater adoption of Bitcoin as a store of value asset. Park believes that the economic instability resulting from the trade war will compel governments around the world to adopt inflationary fiscal and monetary policies, further devaluing fiat currencies. As a result, there will be a global search for alternative store of value assets (such as Bitcoin) as a hedge. The analyst concluded that this increased demand for Bitcoin will significantly drive up its price in the long term. Park had previously predicted the immediate impact of the trade war in a tweet on February 2nd, stating that "The cost of tariffs is likely to be shared through higher inflation by the US and its trading partners, but the impact on foreign countries will be relatively greater. These countries will then have to find ways to deal with their slowing growth." Despite the fact that the increased demand for Bitcoin as a store of value asset to counter rapid fiat currency devaluation will drive up BTC prices in the long term, Park also stated that the global financial markets will experience the short-term pain and wealth destruction caused by the trade war.