On April 2, BitMEX Arthur Hayes published a long article for market prospects, in which he said he no longer cared about whether Trump would raise tariffs on April 2, no matter how much it raised. Because Powell commented on the “impact of Trump’s tariff proposal on inflation” at the FOMC meeting in March, any inflation caused by tariffs is “temporary.” Belief in "temporary" inflation allows the Fed to continue to relax policies even as inflation soars due to a substantial increase in tariffs. At least for assets that are traded only on legal liquidity, tariffs are no longer important.

For Bitcoin Arthur Hayes analysis, Bitcoin trading is based entirely on the market's expectations for future fiat currency supply. If the Fed moves from quantitative tightening (QT) toward Treasury quantitative easing (QE) to be established, Bitcoin hits a local low of $76,500 last month and now we are starting to climb to $250,000 at the end of the year. If I were to bet on Bitcoin to reach $76,500 or $110,000 first, I would choose the latter. Even if U.S. stocks continue to decline due to tariffs, earnings expectations collapse, or weaker foreign demand, it is believed that Bitcoin will continue to climb, and still believes that Bitcoin can reach $250,000 by the end of the year.