Bitwise chief investment officer Matt Hougan is still bullish on Bitcoin (BTC) despite the tariff-induced fragility across global markets.

Hougan says in a new interview with Scott Melker that BTC is the “canary in the coal mine” and has been leading the market for the past 4-5 months.

“It’s the first thing that people push the button on, and even then it didn’t sell down past the previous all-time highs, so I consider it a huge win. And I think the net effect of the tariff tantrum is we’re going to see weaker fiat currencies around the world, which is a net positive for Bitcoin.

So I think long-term, I think it’s ready to move substantially higher if we get sustained stability for a while. I don’t know if we will, but when we get sustained stability, I think this thing rips.” 

Bitcoin is trading at $78,146 at time of writing. The top-ranked crypto asset by market cap is up more than 1% in the past 24 hours but down more than 9% in the past week.

After announcing an onslaught of “reciprocal” tariffs last week, Donald Trump rolled back his plans on Wednesday with a 90-day pause on some of the duties.

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