Binance CEO Richard Teng: Recent Tariff Escalation Could Spark Crypto Boom

As the world navigates a volatile economic landscape marked by rising protectionism and unpredictable monetary policy, Binance CEO Richard Teng believes the stage is being set for a new wave of crypto adoption. According to Teng, the current macroeconomic uncertainty may encourage investors to view cryptocurrencies, especially Bitcoin, as a more reliable store of value compared to traditional fiat currencies.

In a recent post on X, Teng weighed in on renewed protectionist rhetoric, particularly President Donald Trump's push for a 10% universal tariff on foreign imports, a policy that has already stirred markets and heightened global financial tension. “The resurgence of trade protectionism is introducing significant volatility across global markets — and crypto is no exception” Teng wrote, adding that such environments historically cause investors to adopt a "risk-off" mindset in the short term. However, he contended that the long-term outcome may be a rising appetite for digital assets, particularly those not tied to any one nation’s economic policies.

“Looking further ahead, though, this environment could also accelerate interest in crypto as a non-sovereign store of value” Teng noted. He framed cryptocurrencies as an emerging hedge in a landscape where traditional safe-haven assets like gold or U.S. Treasury bonds may no longer offer the same security they once did.

These remarks come just days after a sharp correction in both stock and cryptocurrency markets. On April 7, dubbed "Black Monday" by traders, Bitcoin fell by over 7.7% in just 24 hours, while other top altcoins experienced even steeper declines. Ethereum dropped by nearly 9%, and Solana plunged by more than 12%. Global equity markets also stumbled, rattled by a mix of geopolitical concerns and renewed fears of a trade war.

Despite the short-term pain, analysts suggest such downturns are often followed by renewed interest in decentralized financial assets. Historical data indicates that Bitcoin and other leading cryptocurrencies have repeatedly rebounded strongly after periods of macroeconomic turmoil. The decentralized nature of crypto, along with its finite supply, can act as a buffer against inflationary monetary policy, a concern that is once again rising to the forefront as governments consider aggressive fiscal measures.

Indeed, institutional sentiment appears to be shifting. BlackRock, Fidelity and other major financial players have recently increased their exposure to Bitcoin ETFs and crypto infrastructure, citing a desire for diversification and protection against systemic shocks. The growing regulatory clarity in jurisdictions like the UAE and Singapore has also encouraged traditional finance to integrate digital assets into their portfolios.

Meanwhile, smaller investors around the world, particularly in emerging markets, are also turning to crypto as a lifeline. In countries facing inflationary crises such as Argentina, Turkey, and Nigeria, peer-to-peer crypto trading continues to rise as citizens seek alternatives to rapidly depreciating national currencies.

Teng, who took over as Binance CEO after Changpeng Zhao stepped down in late 2023, has been vocal about fostering a more compliant and institution-friendly approach for the exchange. Under his leadership, Binance has ramped up efforts to meet regulatory expectations in key markets and boost transparency.

As the dust settles from another turbulent week in global markets, Teng’s message is clear: uncertainty isn’t just a risk, it’s also an opportunity. For crypto, that opportunity may be just beginning.