Was there an assumption that Trump's tariffs would cause for the economy to go down and drag bitcoin with it? Because I feel that there was and many people thought this way too but maybe we got it wrong. It is possible that Trump's tariffs will cause trouble for US economy and the US dollar.
If such policy is implemented, US dollar might not be very attractive for investors and instead would shift focus to bitcoin. Will US strengthen their bitcoin reserve and bitcoin policies if this happens? Seeing that bitcoin is looking really strong? Will bitcoin really beat the US dollar?
The thing to remember is that Trump has reasons for the tariffs, notably these and others:
1. Reciprocal free trade so it isn't a one-way street. For example, Canada had tariffs on US goods such as Milk: 270% Cheese: 245% (TRQ applies), Butter: 298% (TRQ applies); Poultry (e.g., Chicken): 238%) before Trump took office. If Canada wants free trade, it must be bilateral. It isn't.
2. Stopping the free flow of fentanyl into the US via Mexico and Canada.
3. Stopping the free flow of people coming over the border illegally from Mexico and Canada.
If Canada (as an example, but it applies to every other country) really believes in free trade and doesn't want tariffs, the solution is easy: stop the tariffs in the reverse.
So the point is that if countries don't want tariffs on them, don't impose tariffs on US goods. It is really quite simple and should be easy for even the most obtuse of people to understand. And at that point, Trump will respond favorably and that will help the economy everywhere. The spin that some news organizations puts on it does no one any favors if they want to have a good analysis of the situation.