Michael Saylor emphasizes Bitcoin‘s independence: What impact could the new tariffs have on the cryptocurrency market?
Michael Saylor Defends Bitcoin Amid Tariff Increases
Michael Saylor, Executive Chairman of Strategy, has once again emphasized the decentralized and beneficial nature of Bitcoin as market participants ponder the potential impact of Donald Trump‘s tariff increases on the crypto market. The ongoing discourse surrounding the increase in counter-tariffs announced on April 2, 2023, has impacted the crypto market, but reactions so far indicate that the impact on Bitcoin and altcoins has been less than initially expected.
No Tariffs on Bitcoin
In a post on X (formerly Twitter), Saylor stated, “There are no tariffs on Bitcoin.” While tariffs typically have a negative impact on a country’s overall economic situation, physical goods are hit hardest. Trump’s tariffs affect all physically imported goods, which he justifies in response to taxes from other countries. However, unlike other goods, Bitcoin, as a digital currency, has the privilege of being exempt from tariff restrictions.
In a tweet, Saylor reminded his 4.2 million followers of the unique benefits of the first cryptocurrency. Nevertheless, developments since Bitcoin’s launch have weighed on its price, leading to a debate among prominent market participants about the prime asset’s role as a store of value. It has also been argued that higher tariffs are hurting the income of retailers and businesses, reducing the willingness to invest in Bitcoin and other financial instruments.
Trump’s tariff classification at 10%
Donald Trump outlined the details of his retaliatory tariffs on Wednesday, which are scheduled to take effect on April 5, 2023. In a vivid presentation, he highlighted the tariffs against various countries. Asia enjoyed new tariffs of 34% for China, 24% for Japan, 32% for Taiwan, and 46% for Vietnam. US allies were not spared either; Trump’s tariffs on the United Kingdom, Israel, the European Union, and India range between 10% and 26%.
China has already threatened retaliation if Trump does not withdraw his new import tax. Amid these new developments, the Bitcoin price is showing stability and has so far remained above $80,000. The current trading price is $82,089, down just under 1% in the last 24 hours.
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