As the Trump Administration prepares for its highly anticipated “Liberation Day” tariff announcement on Wednesday, fear is spreading across financial markets. Stocks are shaky, bond yields are volatile, and crypto — once seen as a safe haven from political chaos — hasn’t been spared. But buried in the noise is a growing argument that tariffs could actually lay the groundwork for Bitcoin’s resurgence.

The early days of Trump’s second term have been anything but predictable for crypto. Expectations were sky-high in January, with Bitcoin soaring past $100,000 on hopes of regulatory reforms and rumors of a government-backed Bitcoin Strategic Reserve. Fast-forward to March, and BTC is now stuck in the mid-$80,000 range — an unwelcome surprise for many bulls.

What’s behind the slide? A complex web of macroeconomic stress and correlation. Bitcoin, once thought to be a hedge against traditional market turbulence, is now moving in step with stocks and bonds. And those assets have been rocked by fears of a global economic slowdown — fears that Trump’s tariffs are only amplifying.

“Investors are pulling back from risk,” said Marc Ostwald, Chief Economist at ADM Investor Services. “Gold is the asset of choice right now, not crypto. Bitcoin is still trying to find its identity in this environment.”

But that identity may be evolving. Gold is up 18% year-to-date, and some analysts believe Bitcoin is slowly earning its reputation as digital gold — just not fast enough to be first in line when markets panic. Still, that shift could accelerate.

“People are underestimating how Bitcoin might benefit from the same dynamics that are lifting gold,” said Omid Malekan, a Columbia Business School professor and longtime blockchain advocate. “Yes, tariffs bring uncertainty, and yes, Bitcoin has been sold off like a tech stock. But it’s also increasingly viewed as a store of value. That perception matters.”

Malekan notes that we’re in uncharted territory: tariffs, deglobalization, and digital money are all intersecting in real time. “No one has the full map. But if gold is a guide, Bitcoin could be next.”

Others believe we may already be past peak panic. Zach Pandl, head of research at crypto asset manager Grayscale, says the worst effects of tariffs may already be reflected in asset prices.

“If Wednesday’s announcement is firm but methodical, markets could actually breathe a sigh of relief,” Pandl told CoinDesk. “That could open the door for a shift in sentiment — especially in crypto, where fundamentals remain strong.”

Trump’s announcement — reportedly involving “reciprocal tariffs” against 15 countries, including major trade partners like China and Canada — is scheduled for 4 p.m. ET on April 2. It’s a high-stakes moment. But if it clears the air, even slightly, risk appetite may return.

Pandl is optimistic. He points to upcoming crypto IPOs, growing institutional interest, and a broader conversation about alternatives to the U.S. dollar — all of which support a long-term bullish case for Bitcoin.

“Tariffs may accelerate the move away from dollar-dependence,” he said. “In that scenario, Bitcoin isn’t just a speculative asset — it’s a strategic one.”

Despite recent volatility, Pandl stands by his forecast: Bitcoin will set new record highs before 2025 is over. “I left Goldman Sachs because I believe crypto — and Bitcoin in particular — is where the future of finance is headed. This isn’t the end. It’s the setup.”

In a world turning inward, Bitcoin’s borderless nature could become its greatest strength.