Catenaa, Monday, April 07, 2025- US Treasury Secretary Scott Bessent says that bitcoin is emerging as a “store of value” replacing Gold as Bitcoin falls 10% since Trump’s announcement of reciprocal tariffs.
“Bitcoin is becoming a store of value, gold has historically been a store of value,” Bessent told podcaster Tucker Carlson on Saturday, adding there are “a lot of different stores of value over time.”
Bessent’s comments come as stock markets around the world fall sharply in the aftermath of Trump’s so-called Liberation Day of trade tariffs that saw the US implement a global baseline import tax of 10% and much higher rates for goods from dozens of countries.
The price of Bitcoin has plunged 10%, dropping below $78,000 on Sunday night., while on the other hand, Gold, a traditional safe haven asset, is up around 15% so far this year as traders and central banks buy it to hedge against economic and geopolitical uncertainties.
The U.S. stock market has plummeted by around 10% since Trump followed through with his well-telegraphed global tariff regime that was more aggressive than traders had anticipated.
Trump himself shared a social media post with a caption reading: “Trump is purposely crashing the market.”
“What’s happening with the market I’d say it’s more a Mag 7 problem, not a MAGA problem,” Bessent told Carlson, referring to the Trump administration’s Make American Great Again series of policies that are focused on rebuilding the country’s manufacturing base.
Recalling March 2020, bitcoin rapidly bottomed and recovered first (before U.S. equities), a pattern potentially repeating today as bitcoin hasn’t made new lows since March 11th. This resilience could signal a strategic entry point for long-term investors.
If stocks continue falling aggressively over the coming weeks, it’s reasonable to expect that bitcoin could experience another leg down too.
