![](\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjUtMDQvMDE5NjEwNWYtMWZkMS03YWFmLTlkMDQtYjRhYTY0YTcwNWMw.jpg\")
<\/p>\n\n<\/p>\n\n
<\/p>\n
Bitcoin holders are facing renewed pressure following US President Donald Trump’s trade tariff announcement, which sent shockwaves through global financial markets, including cryptocurrencies.<\/p>\n
However, with Bitcoin (BTC<\/a>) hodlers now under pressure, some community members, including BitMEX co-founder Arthur Hayes, are not missing a chance to buy BTC at a discount.<\/p>\n \u201cBeen nibbling on BTC all day, and shall continue,\u201d Hayes wrote on X on April 7 as the Bitcoin price hovered around $75,000.<\/p>\n Source: <\/em>Arthur Hayes<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n He also predicted that Bitcoin\u2019s dominance in the broader crypto market could grow. He expects the current 60.5% share of the market to go toward 70%.<\/p>\n While Hayes is stacking sats during the tariff-fueled market bloodbath, his investment firm, Maelstrom, reportedly sold BTC in December 2024, when Bitcoin traded near its all-time high of about $100,000.<\/p>\n In a blog post titled \u201cTrump Truth,\u201d Hayes had predicted a massive crypto crash<\/a> after Trump\u2019s inauguration in January, forecasting a clash in market optimism over his crypto policies and the realities of policy implementation.<\/p>\n Related: <\/strong><\/em>Michael Saylor\u2019s Strategy halts Bitcoin buys despite dip below $87K<\/strong><\/em><\/a><\/p>\n \u201cThe gospel of Bitcoin evangelists to never sell and buy every dip is testing the nerves of hodlers,\u201d Petr Kozyakov, co-founder and CEO at the payments infrastructure platform Mercuryo, told Cointelegraph.<\/p>\n Bitcoin price in the past year. Source: CoinGecko<\/em><\/p>\n<\/figcaption><\/figure>\n \u201cAmateur retail traders and the citadels of high finance appear equally powerless to second-guess Trump\u2019s next move,\u201d he said. <\/p>\n He added that many traders are waiting on the sidelines, weighing whether the market has been oversold. Despite short-term uncertainty, Kozyakov remains bullish on Bitcoin\u2019s long-term outlook as \u201cthe new digital gold.\u201d<\/p>\n \u201cTraders are cautiously waiting on the sidelines for opportunities to re-enter the market and weighing if there may be evidence of overselling.\u201d<\/p><\/blockquote>\n Kozyakov is far from being alone in seeing a promising future for Bitcoin as \u201cnew digital gold.\u201d ARK Invest founder Cathie Wood is also bullish on Bitcoin vs. gold<\/a>, claiming in February that the \u201csubstitution\u201d of gold for Bitcoin has already happened.<\/p>\n Despite the bullish sentiment of Hayes and Wood, others in the crypto community have cautioned that Bitcoin needs more than just a store-of-value narrative to remain relevant.<\/p>\n Jack Dorsey,\u00a0former CEO of Twitter and serial crypto entrepreneur<\/a>, is skeptical about whether BTC can succeed as a\u00a0pure store of value<\/a>.<\/p>\n \u201cIf it [Bitcoin] just ends up being a store of value and nothing more, I don\u2019t think it gains relevance at all,\u201d Dorsey said<\/a> on a \u201cPresidio Bitcoin\u201d podcast episode on April 2.<\/p>\n Jack Dorsey on a \u201cPresidio Bitcoin\u201d podcast episode on April 2. Source: YouTube<\/em><\/p>\n<\/figcaption><\/figure>\n To stay relevant, Bitcoin has to maintain its payment use case, he said:<\/p>\n \u201cOtherwise, it\u2019s just something you kind of buy and forget and only use in emergency situations or when you want to get liquid again. So I think if it doesn\u2019t transition to payments and find that everyday use case, it just gets increasingly irrelevant. And that\u2019s a failure to me.\u201d<\/p><\/blockquote>\n Despite its volatility largely being seen as a major impediment to its payment use case, Bitcoin continued to be a major payment asset on platforms like BitPay<\/a> in 2024. Some jurisdictions have used Bitcoin as a tool of payment in global trade<\/a> as well.<\/p>\nTraders are \u201cpowerless to second-guess Trump\u2019s next move\u201d<\/h2>\n
Bitcoin will fail without payment use case, says Jack Dorsey<\/h2>\n