The Supreme Court’s ruling on Trump’s tariffs might seem like a long-awaited relief.
But one analyst warns that the absence of tariff revenue could have different consequences.
Matthew Sigel, head of digital asset research at VanEck, highlighted on X the Bitcoin rally right after the decision. But he warned more,
“In the absence of tariff revenue, money printing and degradation will accelerate.”
Related: Supreme Court’s Overturning of Trump Tariffs Could Bring Policy ‘Clarity’
Debasement refers to the reduction in value of a currency, historically by reducing the precious metal content in coins and today by expanding the money supply through printing or monetary stimulus.
When governments increase supply without matching economic growth, purchasing power decreases, effectively diluting existing holders.
Bitcoin is often considered a downgrade hedge because its supply is capped at 21 million coins. Unlike fiat currencies, it cannot be printed at will. During periods of aggressive monetary easing or rising inflation, investors may turn to Bitcoin as a store of value, which could drive demand and price appreciation.
In fact, at the end of October 2025, Google searches for “Bitcoin” reached an all-time high. At the same time, searches for “dollar devaluation” also skyrocketed. People didn’t just browse casually. They were worried.
Concerns were growing that the U.S. dollar was losing value as the national debt surpassed $38 trillion for the first time. That milestone appeared to reignite the debate over money printing, deficits and long-term purchasing power.
Bitcoin responded almost instantly. On Oct. 23, it briefly surpassed $110,000 in early trading as investors once again leaned into its “digital gold” narrative, a hedge against economic uncertainty.
But that was months ago.
Today the mood seems very different. Bitcoin is around $67,000, about 64% below the October peak.
Pretty good, actually.
For months, markets had been pricing in the potential outcome of the tariff ruling, adjusting positions and volatility along the way. So when the decision was finally made, it felt more like a breath of fresh air.
The S&P 500 rose 0.18%. The Dow Jones Industrial Average fell 0.19% on paper, but that doesn’t tell the whole story. In fact, it rose 93.81 points, or 0.2%, reversing a 200-point drop earlier in the day triggered by weaker-than-expected economic data. Meanwhile, the Nasdaq Composite gained 0.45%.