Hi there,

President Donald Trump's announcement of steep tariffs — 25% on imports from Canada and Mexico, 10% on Chinese goods — sent shockwaves through global markets this weekend.

The move sparked immediate retaliation from the country’s North American neighbors and drove volatility across equities, commodities, and Bitcoin, which briefly dipped below $93,000 before bouncing back above $99,000.

While Bitcoin can move like a risk asset during market stress, its role as a hedge against economic uncertainty becomes more valuable in times like these.

When tariffs drive up costs, two consequences may follow:

• Businesses pass increased costs to consumers, fueling inflation
• The Federal Reserve may delay interest rate cuts as policymakers balance tariff-driven inflation risks against weakening economic growth prospects, potentially extending market volatility

While short-term price moves grab headlines, long-term investors are focused on the big picture. In 2024, institutions acquired 859,454 BTC — 4.3% of the total circulating supply. They focus on the fundamentals: no matter the market conditions, there will only ever be 21 million Bitcoin.

Thank you,
Swan Team