Following the US elections in November, the cryptocurrency community remained jubilant with the emergence of pro-Bitcoin (BTC) and pro-cryptocurrency candidate Donald Trump as President-elect of the United States. During 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 inauguration quickly approaching, Ki Young Ju, respected cryptocurrency personality and CEO of CryptoQuant, expressed his thoughts on the possibility of Donald Trump following through on his crypto promises.
Trump May Reverse Pro-Bitcoin Stance for Dollar Supremacy: Young Joe
in X Posted on December 28Ki Young Joo shared an opinion on the feasibility of Donald Trump’s pro-Bitcoin statement, especially regarding the proposed adoption of Bitcoin as a strategic reserve asset.
The CryptoQuant CEO first explains that gold, which has historically served as a global financial standard, has seen price spikes whenever the United States detects a threat to its economic standing. Over the past 50 years, the US dollar has emerged as the global standard, as the United States has consistently refused to return to the gold standard by employing numerous strategies to maintain economic growth.
Ki Young Ju stated that Bitcoin is currently developing in the ideological space previously occupied by gold, that is, as a hedge against inflation and other economic crises that fiat currencies such as the US dollar may be exposed to.
However, CryptoQuant CEO believes that the US government will only adopt Bitcoin as a strategic reserve asset if it recognizes a risk to its global economic dominance. However, Young Joo says current market sentiment suggests such a threat does not exist as the US dollar continues to see significant capital inflows.
Therefore, the US is more likely to acquire Bitcoin for risk management or economic leverage rather than as a reserve asset as Bitcoin Marxists expect.
Young Joe also notes that if Trump prioritizes US dollar dominance to bolster economic superiority, pro-bitcoin policies may take a back seat in his administration, with little impact on the Republicans’ ardent supporter base.
This scenario is highly likely in the wake of Trump’s recent boastful statements about America’s economic power gap ahead of his inauguration in January. Therefore, despite his promises at the Bitcoin National Convention, Young Joe believes that it is still difficult to ascertain Trump’s political will to implement his pro-Bitcoin statement, the failure of which would expose those promises as merely a political strategy to secure votes.
Bitcoin price overview
At the time of writing, Bitcoin is trading at $95,259, reflecting a 0.76% gain in the last day. However, the asset’s trading volume declined by 53.80% and is valued at $24.12 billion.
Featured image from PCMag, chart from Tradingview
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