Opinion: No country can win in a global trade war, and as a result, the price of Bitcoin will skyrocket

According to Bitwise analyst Jeff Park, US President Trump's trade policies will trigger global macroeconomic turbulence and a short-term financial crisis, ultimately promoting the larger-scale adoption of Bitcoin as a value storage asset. Park believes that the economic instability brought about by the trade war will prompt governments around the world to adopt inflationary fiscal and monetary policies, which will further devalue fiat currencies and lead to hedging behavior worldwide seeking alternative value storage assets (such as Bitcoin). The analyst concluded that this increase in demand for Bitcoin would drive its price up significantly in the long term. In a tweet posted on February 2nd, Park predicted the immediate impact of the trade war: "The cost of tariffs is likely to be borne jointly by higher inflation from both America and its trading partners, but foreign countries will bear more weight. These countries then have no choice but to find ways to deal with their sluggish growth." Although an increased demand for Bitcoin as a store of value against rapidly depreciating fiat currencies could push BTC prices higher over time, Park stated that global financial markets would feel short-term pain and wealth destruction caused by the trade war.