Saxo Bank: Trump's tariffs may be good for cryptocurrencies, the market may quadruple to over $10 trillion

John Hardy, a strategist at Saxo Bank, said that if the trade tariffs proposed by US President Trump cause other countries to look for alternatives to the US dollar, the cryptocurrency market and gold may benefit. The tariffs will have a terrible impact on global trade as it will cut off the necessary supply of US dollars. BRICS countries may use gold-backed digital currencies for transactions. Cryptocurrency stablecoins tied to gold may also be used. The cryptocurrency market may double to over $10 trillion, while the US dollar against major currencies may depreciate by 20%, and relative to gold may depreciate by 30%.