“Hi Curly, Kill Anyone Today,” Billy Crystal’s Mitch told Jack Palance’s Curly in City Slickers. “Day is not over yet,” Curly replied.

However, Bernstein is ready to call it one day and says Bitcoin’s (BTC) is down only 26% from his record height less than three months ago showing resilience.

Earlier crises, such as the Covid-19 epidemic and the interest rate, saw the world’s largest cryptocurrency “the fall of the rock” with 50-70% steps, the report noted.

The prize “suggests demand from more elastic capital,” the analysts wrote by Gautam Chhugani wrote.

“Bitcoin’s digital gold thesis has been strengthened by growing institutional adoption – institutional currents through ETFs and corporate chains,” wrote the authors.

Still, tariffs are bad news for miners.

They affect the mining’s supply chain, and this has negative consequences for the American Bitcoin miners’ hashrate, Bernstein said. Hashrate refers to the overall combined calculation strength used to mine and treat transactions on a proof-of-work blockchain, and is a power of attorney for competition in the industry and mining difficulties.

Large Bitcoin mine workers, such as Riot Platforms (Riot), Iren (Iren), Mara Holdings (Mara) and Cleanspark (CLSK), could gain market share as they are already scaled and have artificial intelligence (AI) option, the report added.

Read more: Why trump’s tariffs actually could be good at bitcoin