Following the recent US elections in November, the crypto community has been buzzing with excitement as pro-Bitcoin and pro-crypto candidate Donald Trump emerged as the President-elect of the United States. Throughout his extensive campaign, Trump made it clear that he supported the crypto industry and even promised to introduce favorable policies, including the establishment of a national bitcoin reserve if elected.
As Trump’s inauguration draws near, respected crypto figure and CEO of CryptoQuant, Ki Young Ju, has shared his thoughts on the likelihood of Donald Trump following through on his promises to the crypto space. In a post on December 28, Young Ju expressed his opinion on the feasibility of Trump’s pro-Bitcoin manifesto, particularly regarding the proposed adoption of BTC as a strategic reserve asset.
Young Ju began by drawing parallels between Bitcoin and gold, noting that historically, gold has served as the global financial standard and experienced price surges whenever the US faced economic threats. However, over the past 50 years, the US dollar has become the global standard, with the US government rejecting a return to the gold standard in favor of various economic strategies to maintain its dominance.
Young Ju believes that Bitcoin is currently occupying the ideological space once held by gold, serving as a hedge against inflation and economic crises that fiat currencies like the US dollar may face. However, he also suggests that the US government may only adopt Bitcoin as a strategic reserve asset if they perceive a threat to their global economic dominance.
Despite Trump’s promises at the National Bitcoin Conference, Young Ju speculates that if Trump prioritizes US dollar dominance to reinforce economic supremacy, his pro-Bitcoin policies may take a back seat in his administration. This scenario seems increasingly likely following Trump’s recent statements boasting about the US economic power gap ahead of his inauguration in January.
As of the time of writing, Bitcoin is trading at $95,259 with a 0.76% gain in the last day. However, the asset’s trading volume has decreased by 53.80% and is valued at $24.12 billion. Young Ju’s analysis raises questions about the true intentions behind Trump’s pro-Bitcoin stance and whether it is merely a political strategy to secure votes. Only time will tell if Trump will follow through on his promises to the crypto space or prioritize US dollar dominance instead.