Bernstein analysts argue that 'Bitcoin's resilience has been nothing but impressive' throughout tariff troubles

Though U.S. President Donald Trump's tariffs have wreaked havoc in both crypto and traditional markets in recent days and weeks, "Bitcoin's resilience has been nothing but impressive," according to Bernstein analysts.

Citing historical data, the analysts noted that the foremost cryptocurrency used to see drawdowns of between 50% and 70% in previous periods of crisis — such as COVID-induced market panic, rate shocks, etc. "The current price action (down 26%) suggests demand for Bitcoin from more resilient capital," they wrote in a note sent to The Block on Tuesday.

The analysts argue that the bitcoin price acting as a leading indicator of where risk is leaning does not detract from its long-term outperformance as a store of value in the digital realm. "In our view, Bitcoin on a time-scale is probalistic 'gold,'" they wrote, adding that "it trades as a higher volatility and more liquid version of gold."

Bitcoin is currently trading just above $79,000, per The Block's Bitcoin Price Page.