Summary
- VanEck analyzed that the US-initiated tariff war is promoting the expansion of the payment role of cryptocurrencies including Bitcoin.
- It is known that China and Russia are using Bitcoin for some energy payments, and other major countries are showing interest in this.
- If geopolitical divisions and dollar weakness continue, cryptocurrencies could strengthen their role as a hedge, it reported.
Global asset management firm VanEck analyzed in a recent report that "the tariff war initiated by the Trump administration is expanding the payment role of cryptocurrencies, including Bitcoin (BTC)."
The report stated, "It is known that China and Russia have started using BTC and other cryptocurrencies for some energy payments," and "Bolivia, France, Germany, etc., are also discussing BTC mining and power usage plans."
It continued, "If geopolitical divisions deepen and the dollar weakens, BTC's role as a hedge could be strengthened," and explained, "However, the current trend is different from before. The movement to bypass the dollar-based payment system could accelerate the adoption of cryptocurrencies as an alternative payment method."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
