U.S. equity futures tumbled in early Monday trading, while the dollar extended its weeks-long slump and Treasury bonds rallied, as investors extended their retreat from risky markets amid broadening concerns that President Donald Trump's tariff and government jobs cuts could tip the world's biggest economy into recession.

Trump’s acknowledgment of economic turbulence was a reversal from previous cheering of his policies, and it contrasted with reassurances from his own advisers Sunday.

President Trump said that Americans would be better off in the long run from his tariffs, which he said would prevent the country from being “ripped off.”

Some Bitcoiners also believe that a reserve could serve as a hedge against inflation. They point to the fact that the dollar has gotten less valuable over time, and argue that Bitcoin’s value could be stronger than the dollar’s during global economic crises.

President Trump is pushing for a cryptocurrency reserve, and digital currency enthusiasts are hopeful. But critics are still wary of the speculative tender.