Following the US elections in November, the crypto community has remained euphoric as pro-btc (btc) and pro-cryptocurrency candidate Donald Trump emerged as the president-elect of the United States. Over the course of an extensive campaign, Trump expressed clear support for the cryptocurrency industry with promises to introduce 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 opinion on the likelihood of Donald Trump implementing his promises to the crypto space.
Trump can reverse pro-bitcoin stance for dollar supremacy: Young Ju
in a <a target="_blank" href="https://x.com/ki_young_ju/status/1872958993129455639″ target=”_blank” rel=”noopener nofollow”>x publication of December 28.Ki Young Ju shared an opinion on the viability of Donald Trump's pro-bitcoin manifesto, especially on the proposed adoption of btc as a strategic reserve asset.
The CEO of CryptoQuant first explains that historically gold, which serves as a global financial standard, experienced price increases whenever the United States detected a threat to its economic position. Over the past 50 years, the US dollar has become the global standard and the United States continually rejects a return to the gold standard by employing various strategies to sustain economic growth.
Ki Young Ju claims that bitcoin is currently developing in the ideological space previously occupied by gold, that is, serving as a hedge against inflation and other economic crises to which fiat currencies, for example the US dollar, may be subject.
However, the CEO of CryptoQuant believes that the US government will only adopt btc as a strategic reserve asset if it perceives a danger to its global economic dominance. However, Young Ju says that current market sentiment indicates that such a threat is non-existent and the US dollar is still experiencing significant capital inflows.
Therefore, the United States is likely to acquire bitcoin for risk management or economic leverage rather than as a reserve asset as bitcoin Marxists expected.
Young Ju further suggests that if Trump prioritizes dominance of the US dollar to reinforce economic supremacy, pro-bitcoin policies may take a back seat in his administration, with little impact on the Republican's fervent base of supporters.
This scenario is very possible following Trump's recent boastful statements about America's economic power gap before his inauguration in January. Therefore, despite his promises at the National bitcoin Conference, Young Ju believes that it is still difficult to determine Trump's political will to implement his pro-bitcoin manifesto, the failure of which would reveal those promises as a mere political strategy to secure votes.
btc Price Overview
At the time of writing, btc is trading at $95,259, reflecting a 0.76% gain over the past day. However, the trading volume of the asset has decreased by 53.80% and is valued at $24.12 billion.
Featured image from PCMag, chart from Tradingview
