US Tariffs and Foreign Retaliation Could Lift Crypto Use According to VanEck

As trade tensions rise between the United States, China, and the European Union, some analysts believe Bitcoin could benefit from the fallout. According to VanEck’s head of digital assets research, Matthew Sigel, the global response to new US tariffs may push governments and companies toward digital assets.

Sigel shared his thoughts on social media, linking President Donald Trump’s recent tariffs to a broader shift in how global trade could operate. In his view, Bitcoin is no longer just a speculative asset—it is becoming a tool for international settlements, especially in energy trade.

“China and Russia were recently revealed to be settling some energy transactions using Bitcoin and other digital assets – just as we anticipated,” Sigel wrote. “Bolivia also announced plans in March to import energy using crypto. And in Europe, French utility EDF (?Électricité de France) will explore using surplus electricity – currently exported to Germany – to mine Bitcoin.”

He argued that these changes show how digital currencies are playing a growing role in real-world trade, especially as countries reconsider their dependence on the US dollar.

Trump’s executive order last week introduced a wide range of tariffs aimed at protecting American manufacturing. The move triggered immediate market reactions. Stock indexes in Asia dropped sharply after China retaliated by announcing a 34% tariff on all US goods, effective April 10. Cryptocurrency markets also declined, with Bitcoin, Ethereum, and other major assets falling on the news.

Sigel pointed out that if countries like China or the EU decide to avoid dollar-based financial systems in response, it could help support Bitcoin adoption.

“Any retaliatory steps from China or the EU – especially ones that bypass dollar-based systems – could accelerate the strategic case for crypto,” he wrote.

He also highlighted several other factors that could influence Bitcoin’s path, including US Federal Reserve policy, ETF flows, and dollar strength. “Investors should watch the evolving path of Fed policy: dovish shifts in rate expectations and rising liquidity are historically positive for Bitcoin,” he added. “The U.S. Dollar Index (DXY) is another key gauge – any signs of dollar weakness may support the Bitcoin-as-hedge narrative.”

Sigel also noted that despite market volatility, spot Bitcoin ETFs listed in the US remained net positive by around $600 million year-to-date, with inflows returning in late March.