An analyst at a prominent global investment firm says that economic retribution from China and the European Union (EU) against new US tariffs could end up supporting digital assets.

In a new thread on the social media platform X, Matthew Sigel – the head of digital assets research at VanEck – says that President Donald Trump’s latest round of tariffs will accelerate the adoption of Bitcoin (BTC) as a tool for the settlement of energy trade.

“China and Russia were recently revealed to be settling some energy transactions using Bitcoin and other digital assets – just as we anticipated. Bolivia also announced plans in March to import energy using crypto. And in Europe, French utility EDF (?Électricité de France) will explore using surplus electricity – currently exported to Germany – to mine Bitcoin.

These developments highlight how digital assets are evolving from speculative instruments into tools for energy trade and monetary realignment. In that context, the latest tariffs aren’t just an economic story – they may be an accelerant for Bitcoin’s role in the emerging multi-polar order.”

Sigel goes on to say that traders should keep an eye on the policies of the US Federal Reserve, China and the EU to better gauge the crypto markets.

He also notes the relevance of the strength of the US dollar and BTC exchange-traded fund (ETF) inflows. According to Sigel, if China and the EU were to retaliate to Trump’s tariffs and move away from the US dollar, it could boost use cases for digital assets.

“Investors should watch the evolving path of Fed policy: dovish shifts in rate expectations and rising liquidity are historically positive for Bitcoin. The U.S. Dollar Index (DXY) is another key gauge – any signs of dollar weakness may support the Bitcoin-as-hedge narrative.

Bitcoin ETF flows and on-chain activity also matter: despite volatility, U.S.-listed spot Bitcoin ETFs are still net positive by ~$600 million year-to-date, with renewed inflows seen in late March.

And finally, any retaliatory steps from China or the EU – especially ones that bypass dollar-based systems – could accelerate the strategic case for crypto.”

Last week, Trump signed an executive order that imposes sweeping or reciprocal tariffs on a long list of nations, with the stated goal of protecting domestic manufacturing. The announcement rocked global markets, causing a sharp dip in digital asset and stock prices.

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