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Despite the turmoil caused by Donald Trump’s tariffs in both digital and traditional currency markets, Bernstein analysts believe that Bitcoin’s resilience has been impressive.

Citing historical data, they noted that the leading cryptocurrency has experienced 50-70% declines in previous periods of crisis, such as the Covid-induced market panic and interest rate shocks. But the current price action, a 26% decline, indicates strong demand for Bitcoin.

The analysts argue that Bitcoin will serve as a long-term store of value in the digital world.

They described Bitcoin as “potential gold” on a time scale, adding that it “trades like a more volatile and liquid version of gold.” Bitcoin is currently trading just above $79,000.