Bitcoin proved to be the most effective growth multiplier once again in April, providing returns almost twice as high as gold’s. The cryptocurrency skyrocketed during the economic mayhem that followed the announcement of a new round of tariffs. Simultaneously, investors flooded billions into US-listed Bitcoin spot exchange-traded funds. This explosion is a sign of the maturing of investor strategies, as they start to look for ways to insulate themselves from increasing policy risks.

The US dollar fell 4% in value and gold surged more than 6%. Bitcoin has jumped nearly 12% since the beginning of April. In this short time, investors funneled approximately $2.9 billion into US-listed Bitcoin spot exchange-traded funds. This inflow marks a significant reversal. This comes on the heels of net outflows of $811 million in March and $3.6 billion in February.

Bitcoin boomed in the height of economic calamity. This second reversal came hard on the heels of former President Trump’s tit-for-tat tariff declaration on April 2. Investors are hurrying US capital abroad to safer US assets and currencies including the Japanese yen and Swiss franc. This reallocation is providing an additional tailwind for Bitcoin.

Donald Trump added fuel to the fire with his suggestion of a ‘strategic Bitcoin reserve’ on March 7. Since his inauguration on January 20, his administration has made multiple appointments of pro-crypto figures to necessary key positions. Taken together, these moves indicate a much more welcoming regulatory approach to cryptocurrencies from his administration moving forward.

Now trading over $96,000, Bitcoin has shone a new light on the financial scene to titans like Michael Saylor. Christopher Wood, one of the most influential executives at investment bank Jefferies, believes Bitcoin will eventually rocket towards $150,000.

"For those with a more tactical focus, or owning bitcoin on leverage, the view is that $150,000 is a good price level to start taking some profits since the base case is that bitcoin will rally three times in this post-halving cycle, since the trend has been for the capital gains on holding bitcoin to more than halve following each halving cycle," - Christopher Wood