Declining by over 5% since the announcement of President Trump’s tariffs on Wednesday evening, bitcoin (BTC) continues to frustrate supporters who have championed its value as a safe haven and a non-correlated asset against riskier investments like stocks.
Or does it?
“This seems like a pivotal moment,” remarked Joel Kruger, a market strategist from LMAX Group. “We are seeing an increasing number of market players attracted to [BTC’s] viability as a store-of-value and a significant diversification asset amidst the current uncertainty.”
Kruger pointed out that while the Nasdaq and S&P 500 indices have both plunged to their lowest points of 2025, bitcoin is currently maintaining a position significantly above its year-to-date low of $75,000 — a phenomenon analysts refer to as “higher lows.”
However, Javier Rodriguez Alarcon, the chief commercial officer at crypto exchange XBTO, holds a different perspective.
“Despite the narrative that bitcoin may serve as a shield against dollar-driven volatility, we still observe a strong correlation between digital currencies and broader risk markets during uncertain times,” commented the former Goldman Sachs executive in an email.
Gold remains the top choice for safety at JPMorgan
“The volatility of bitcoin and its link to equities raises doubts about its ‘digital gold’ image,” stated Nikolaos Panigirtzoglou and his colleagues at JPMorgan yesterday. “We anticipate that gold will continue to thrive as the primary beneficiary of the debasement trade,” they added.
Even with bitcoin’s recent downturn, it remains priced above the bank’s estimated average production cost of $62,000, which has historically served as a lower threshold, Panigirtzoglou noted.
Currently, gold is down just 1.25% to $3,126 per ounce and is nearing its record high of approximately $3,200.