Concerns sparked by US President Donald Trump’s broad global tariffs have led analysts to increasingly believe that Bitcoin is more likely than ever to challenge the US dollar in the future.

“There's now a higher chance that Bitcoin will outlast the dollar in our lifetime after today,” said Jeff Parks, head of alpha strategies at Bitwise Invest, in a post on X on April 9.

A crypto executive stated that investors may have no choice but to turn to Bitcoin. “For the first time, this thought crossed my mind, and it felt more like a reality than just a theory,” Parks added.

Bitwise CEO Hunter Horsley shared a similar view, suggesting that with growing distrust in the US dollar and other foreign currencies seen as weaker, investors have fewer options. He pointed out that gold, often viewed as a safe haven, has practical limitations with shipping and storage, implying that Bitcoin might be the only viable alternative. “Ultimately, you end up buying Bitcoin,” Horsley remarked.

The US Dollar Index, which measures the dollar's strength against a range of major currencies, stands at 102.193, down 5.84% since the beginning of the year, according to TradingView. However, Wall Street analysts misjudged the impact of the tariffs, believing they would strengthen the US dollar, according to a report from the Wall Street Journal.

On April 2, Trump signed an executive order imposing a 10% baseline tariff on imports from all countries, effective from April 5. Stricter reciprocal tariffs targeting trading partners with the largest trade deficits with the US began on April 9.

The uncertainty surrounding these tariffs and concerns about a broader economic downturn have significantly contributed to declines in both traditional and crypto markets.

Bitcoin (BTC) is trading at $76,301, down 18.37% since January 1, according to CoinMarketCap.

In a post on X on April 8, Bitcoin author Saifedean Ammous argued that America's problem isn't tied to the deficit with one specific country but to global deficits due to its “fiat money printer.”

Ammous stated, “More and more Americans can benefit from the money printer as long as the rest of the world continues to use the dollar.”

He suggested the solution is to stop printing “fake money” and instead move to a reliable store of value, citing Bitcoin or gold as examples.

“A possible alternative solution would be for the world to adopt a hard money standard and stop using America's 'shitcoin,' which would give Trump the trade surpluses he desires.”