Following the US elections in November, the crypto community has remained elated as pro-Bitcoin (BTC) and pro-crypto candidate Donald Trump emerged as the US President-elect. During the course of an extensive campaign, Trump voiced clear support for the crypto industry with promises of introducing favorable policies including a national bitcoin reserve if elected.
With the Republican’s inauguration fast approaching, respected crypto figure and CEO of CryptoQuant, Ki Young Ju, has expressed his thoughts on the probability of Donald Trump implementing his promises to the crypto space.
Trump May Reverse Pro-Bitcoin Stance For Dollar Supremacy: Young Ju
In an X post on December 28, Ki Young Ju shared an opinion on the feasibility of Donald Trump’s pro-Bitcoin manifesto especially about the proposed adoption of BTC as a strategic reserve asset.
The CryptoQuant CEO first explains that historically gold serving as the global financial standard experienced price surges whenever the US detected a threat to its economic standing. Over the past 50 years, the US dollar has emerged as the global standard with the US continuously rejecting a return to the gold standard by employing several strategies to sustain economic growth.
Ki Young Ju states that Bitcoin is currently developing in the ideological space previously held by gold i.e. serving as a hedge against inflation and other economic crises to which fiat currencies e.g. US dollar may be subject.
However, the CryptoQuant CEO believes the US government will only adopt BTC as a strategic reserve asset if they perceive a danger to their global economic dominance. Albeit, Young Ju says that current market sentiment indicates that such a threat is non-existent with the US dollar still experiencing significant capital inflows.
Therefore, the US is likely to acquire Bitcoin for risk management or economic leverage as opposed to being a reserve asset as expected by Bitcoin marxists.
Young Ju further suggests that if Trump prioritizes US dollar dominance to reinforce economic supremacy, pro-Bitcoin policies may take a back seat in his administration, with little impact on the Republican’s ardent supporter base.
This scenario is highly possible following Trump’s recent boastful statements about the US economic power gap ahead of his inauguration in January. Therefore, despite his promises at the National Bitcoin Conference, Young Ju believes it is still difficult to ascertain Trump’s political will to implement his pro-Bitcoin manifesto, failure of which would reveal those promises as a mere political strategy to secure votes.
BTC Price Overview
At the time of writing, BTC trades at $95,259 reflecting a 0.76% gain in the last day. However, the asset’s trading volume is down by 53.80% and is valued at $24.12 billion.
Featured image from PCMag, chart from Tradingview
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