“China and Russia have reportedly begun settling some energy transactions in Bitcoin and other digital assets,” said VanEck Head of Digital Assets Research Matthew Sigel in a company blog post on April 8.

These are not the only two nations trying to de-dollarize during Donald Trump’s trade war.

Bolivia has announced plans to import electricity using crypto, and French energy utility EDF is exploring whether it can mine Bitcoin with surplus electricity, he added.

“These are early signs that Bitcoin is evolving from a speculative asset into a functional monetary tool,” he said before adding, “particularly in economies looking to bypass the dollar and reduce exposure to US-led financial systems.”

BREAKING: VanEck confirms that China and Russia are officially settling some energy trades in Bitcoin as the trade war ramps up.

Maybe a trade war is what crypto actually needs. pic.twitter.com/Bs5MxgInY1

Weakening Dollar Good for Bitcoin

Sigel advised investors to keep an eye on the evolving path of Federal Reserve policy, adding “dovish shifts in rate expectations and rising liquidity are historically positive for Bitcoin.”

He also mentioned the US Dollar Index (DXY), which is a measure of the value of the greenback compared to a basket of six major currencies. It “remains a key signal,” he said before adding that any sustained dollar weakness “may bolster the Bitcoin-as-hedge narrative, particularly in an environment of geopolitical fragmentation.”

DXY has declined by more than 7% since the beginning of this year and is currently 102.5, according to Tradingview.

Bitwise chief investment officer Matt Hougan echoed the sentiment in an April 9 blog post. The Trump administration “wants a weaker dollar, even if it means ending its role as the world’s reserve currency,” he said before pointing out that dollar weakness historically correlates with Bitcoin strength.

He added that the world may move away from a single reserve currency such as the dollar to a “more fractured reserve system, with hard money like Bitcoin and gold playing a bigger role than it does today.”

Other analysts are also of the opinion that a weakening greenback is good for crypto.

$DXY [1W] continues to fall steeply and is not far away from breaking down from this triangular bearish continuation pattern.

All-crypto season is loading! pic.twitter.com/KjVsdXcEjw

De-Dollarization Ramping Up

In late March, before the trade tariffs came into effect, analysts told Reuters that “Trump’s trade and foreign policies have forced Europe on a path toward reduced reliance on the US, and this is likely to imply a desire for reduced reliance on the dollar.”

“Trump threatened countries that tried to de-dollarise with extra tariffs. Ironically, his isolationist policies may drive the trend,” opined Rabobank’s head of forex strategy, Jane Foley.