Trump’s Tariffs Could Benefit Cryptocurrency, Market May Quadruple to Over $10 Trillion

Saxo Bank strategist John Hardy suggests that proposed trade tariffs by U.S. presidential candidate Donald Trump could prompt other countries to seek alternatives to the U.S. dollar, potentially benefiting both the cryptocurrency and gold markets.

The tariffs are expected to have severe repercussions on global trade by disrupting the supply of dollars essential for international transactions. In response, BRICS nations might turn to alternative trading mechanisms, such as digital currencies backed by gold. Crypto stablecoins tied to gold could also emerge as viable options.

The cryptocurrency market could experience a fourfold increase, surpassing $10 trillion, according to Hardy. Concurrently, the U.S. dollar might depreciate by 20% against major currencies and lose 30% of its value relative to gold.