January 21st Commuter Podcast — "Digital Gold" shaken by Trump's tariffs and re-Japanization impact... Bitcoin faces a brutal test

On January 20, 2026, the global financial markets plunged into extreme chaos due to the simultaneous impact of the Trump administration’s tariff policies and the collapse of the Japanese government bond market. The market instantly shifted to a risk-averse mode, and during this process, traditional safe-haven assets like gold and what is called “digital gold,” Bitcoin, experienced completely opposite fates.

The trigger for this chaos was President Donald Trump’s sudden announcement of a 10% tariff on imports from eight European countries following diplomatic conflicts with Denmark. The market interpreted this not only as an economic measure but also as a declaration of strong protectionism, with fears of a replay of the nightmare of the past US-China trade war beginning to spread. Meanwhile, Japan’s 40-year ultra-long government bond yields broke through 4% for the first time in thirty years, triggering a “Japanese-style panic,” causing confidence in the global bond market to collapse.

In this crisis, gold prices surged past $4,175 per ounce, setting a new all-time high and solidifying its status as a safe-haven asset. In contrast, Bitcoin was reclassified by the market as a high-risk asset similar to high-tech stocks, with its psychological support level of $90,000 easily breached. Within just 24 hours, approximately 600 billion Korean won worth of long positions in cryptocurrency futures were liquidated, causing heavy losses for investors.

However, behind the market plunge, the movements of long-term believers were also observed. Reports indicated that former President Trump purchased cryptocurrencies worth about 1.8 trillion Korean won in 2025, and although there was a single-day outflow of funds from Bitcoin spot ETFs, a net inflow of approximately 14,760 Bitcoin was recorded over the past seven days. This suggests that there is indeed long-term demand that is unaffected by short-term price fluctuations.

Experts analyze that now institutions are treating cryptocurrencies with more nuanced differentiation. Major investment banks like Morgan Stanley define Bitcoin as a “doomsday hedge tool” to prevent systemic collapse, viewing it as an asset that can partially replace gold. Solana is categorized as a speculative asset pursuing high returns, while Ethereum, caught between security and speculative appeal, is trending toward exclusion from strategic options.

Ultimately, this event demonstrates that Bitcoin, in times of real crisis, still cannot convince all market participants to see it as a safe-haven asset. However, the continued accumulation by giants and institutions also proves another possibility of Bitcoin’s long-term value.