Bitcoin may have lost some of its sheen in the last eight weeks, but for Alexis Sirkia, the asset’s value proposition hasn’t changed.

In fact, investors are getting a stunning deal on the $1.6 trillion cryptocurrency.

“The value of Bitcoin is still the same,” the co-founder of market maker GSR and founder of crypto clearing house Yellow told DL News.

“It’s still $100,000, now there’s just a 20% discount because of risk and uncertainty.”

Uncertainty reigns

Despite President Donald Trump’s abrupt pivot to embrace the crypto industry, his administration’s aggressive tariff regime has sent investors fleeing.

When he threatened to tax European spirits by 200% on March 13, the S&P 500 dropped by 10% from its February high.

Bitcoin has also plummeted over 20% off its record set on January 20, the day of Trump’s inauguration.

Likewise, the president’s promise to establish a national crypto stockpile has developed in fits and starts.

On March 2, he said the reserves would include four tokens in addition to Bitcoin, such as Ether, Solana, Cardano, and Ripple’s XRP.

While initially bullish — the messaging sent those assets soaring — it’s unclear when precisely the multibillion-dollar buying is expected to kick off.

Meanwhile, investors are flocking to gold as the VIX, which tracks market expectations for volatility, has soared over 50% this month.

The precious metal, historically a safe-haven asset, hit a new record price of $3,000 in March.

“It’s not such a long-term asset in the view of institutions as gold,” Sirkia told DL News regarding Bitcoin’s investment profile.

‘We’re in a bull run’

Still, Sirkia, who said he first bought Ether at just 27 cents, is unphased.

Calling from his mega-yacht off the coast of New Zealand via Starlink, the crypto exec said it’s just a matter of time before Bitcoin returns to smoother waters.

He’s not alone, either.

Arthur Hayes, CIO of Maelstrom, said in March that the recent correction is a temporary liquidity squeeze — and that once the cycle turns, it will rally to $250,000 by year-end.

“If we remove all the uncertainty, Bitcoin will appreciate,” said Sirkia. “We’re in the middle of a bull run.”

Liam Kelly is a Berlin-based reporter for DL News. Got a tip? Email him at liam@dlnews.com.