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Sygnum Monthly Investment Outlook – Trump uncertainty prevails

Monthly Investment Outlook
  • Sweeping tariffs announced on “Liberation Day” are worse than the market’s expectations and translate into increased instability and lower global growth; the silver lining is the increased likelihood of rate cuts and other forms of liquidity injections as growth slows.
  • Although Bitcoin derives most of its fundamental value from its store-of-value characteristics and not from being a tech platform, new investors in particular have been trading it as a proxy for the crypto market, and recent correlation with risk assets has been very high; the US government making purchases for the recently established Bitcoin reserve could change that.
  • Meanwhile, crypto fundamentals continue to improve as regulatory agencies establish clear rules, feasible paths to compliance, and remove obstacles; this is creating the foundation for a revival in activity and innovation across the crypto industry, and currently this upside is not reflected in the prices of crypto assets.
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