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Binance CEO says crypto interest will grow amid trade war

Binance CEO says crypto interest will grow amid trade war
Richard Teng sees crypto as safe haven

​Escalating trade tensions between the United States and China are sparking renewed fears across global financial markets, including the cryptocurrency sector, which is experiencing heightened volatility.

The U.S. government has confirmed that a sweeping 104% tariff on imports from China will take effect on April 9. The announcement triggered an immediate backlash from Beijing and rattled risk-sensitive markets.

According to CoinGecko, Bitcoin sharply dropped by more than 6% on Wednesday morning, falling below the $75,000 mark as trading opened in Asia and the Pacific region. This sudden plunge aligns with growing investor concerns that the standoff between the world’s two largest economies could seriously disrupt global economic growth and lead to prolonged financial instability.

Comment from Binance CEO

Meanwhile, Binance CEO Richard Teng shared his views on social platform X, noting that the new wave of protectionist policies is increasing uncertainty and prompting a “risk-off” sentiment.

“Periods of heightened trade friction have historically unsettled markets,” Teng stated. “Crypto is not immune to these forces, especially in the short term when investors react to macroeconomic instability.”

Teng acknowledged the current risks but also pointed to potential long-term implications. “This environment may further accelerate interest in cryptocurrencies as a non-sovereign store of value,” he added. In his view, digital assets like Bitcoin may become increasingly attractive to investors seeking protection from fiat currency risks and unpredictable government actions.

Market repercussions and outlook

These policy moves have already reverberated through traditional markets, with equities and commodities reacting sharply to the looming tariff implementation. Analysts warn that potential retaliatory measures from China could worsen the situation and further erode investor confidence.

Crypto traders and institutional market participants are bracing for prolonged instability. Despite short-term uncertainty, some experts believe the current moment may strengthen cryptocurrencies' role as a hedge against systemic shocks and government-driven disruptions.

Previously, during his speech at CONVERGE LIVE in Singapore, Binance CEO Teng expressed support for former President Trump’s crypto-friendly stance. Teng noted that a shift from Biden’s strict regulatory posture to Trump’s more favorable crypto agenda could positively impact the digital asset market.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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