After the US election in November, the crypto community remains excited as pro-Bitcoin (BTC) and crypto-crypto candidate Donald Trump emerged as US President-elect. During the main campaign, Trump expressed clear support for the crypto industry with promises to introduce favorable policies including a national bitcoin reserve if elected.
As the inauguration of the Republic is fast approaching, respected crypto figure and CEO of CryptoQuant, Ki Young Ju, expressed his thoughts about the chances of Donald Trump fulfilling his promises in the crypto space.
Trump May Reverse Pro-Bitcoin Stance for Dollar Rise: Young Ju
In an X post on December 28, Ki Young Ju shared an opinion about the possibility of Donald Trump’s pro-Bitcoin manifesto especially regarding the proposed acceptance of BTC as a strategic storage asset.
The CEO of CryptoQuant begins by explaining that historically the gold that served as the world’s financial standard has experienced an increase in prices whenever the US perceived a threat to its economic standing. Over the past 50 years, the US dollar has emerged as the global standard when the US continues to refuse to return to gold status by using several strategies to stabilize economic growth.
Ki Young Ju says that Bitcoin is currently developing in the area of ​​ideas that was held by gold, i.e. it serves as a hedge against inflation and other economic problems where fiat currencies e.g. The US dollar may be below them.
However, the CEO of CryptoQuant believes that the US government will only use BTC as a strategic reserve asset if they see a threat to their global economic dominance. However, Young Ju says that the current state of the market indicates that such a threat does not exist as the US dollar is still experiencing large inflows.
Therefore, the US may find Bitcoin for risk management or economic power instead of a reserve asset as expected by Bitcoin marxists.
Young Ju suggests that if Trump prioritizes the dominance of the US dollar to strengthen the economy, pro-Bitcoin policies may take a back seat in his administration, with little impact on the Republican base.
This scenario is more likely following Trump’s recent boastful statements about the US economic power gap before his inauguration in January. Therefore, despite his promises at the Bitcoin National Conference, Young Ju believes that it is still difficult to find Trump’s political will to implement his pro-Bitcoin manifesto, a failure that will expose those promises as just a political strategy to secure votes.
BTC price overview
At the time of writing, BTC is trading at $95,259 indicating a gain of 0.76% in the last day. However, the trading volume of the commodity decreased by 53.80% and was estimated at $24.12 billion.
Featured image from PCMag, chart from Tradingview
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