Donald Trump’s Presidency: Implications for the Crypto World
After the November US elections, a wave of excitement swept through the cryptocurrency community with the election of pro-Bitcoin advocate Donald Trump as the President-elect. Throughout his extended campaign, Trump consistently expressed strong support for the cryptocurrency sector, pledging to enact policies that could foster its growth, including the establishment of a national Bitcoin reserve.
As the Republican inauguration looms, esteemed cryptocurrency personality and CEO of CryptoQuant, Ki Young Ju, has shared his perspective on the likelihood of Trump fulfilling his promises to the crypto industry.
Potential Shift in Pro-Bitcoin Policies: Insights from Ki Young Ju
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On December 28, Ki Young Ju took to social media to discuss the practicality of Donald Trump’s pro-Bitcoin agenda, particularly the idea of adopting Bitcoin as a strategic reserve asset. He noted that historically, gold has seen price spikes whenever the US faced potential threats to its economic dominance. Over the last half-century, the US dollar has established itself as the global financial standard, with the nation consistently rejecting a return to the gold standard by adopting various strategies to ensure economic vitality.
According to Ki Young Ju, Bitcoin is now emerging in the ideological sphere once occupied by gold, acting as a protective measure against inflation and other economic challenges that fiat currencies like the US dollar might encounter. Nonetheless, he believes that the US government is likely to consider Bitcoin as a strategic reserve asset only if a genuine threat to its global economic hegemony arises. For now, market sentiment suggests that no such threat exists, as the US dollar continues to attract substantial capital inflows.
Consequently, the US might opt to acquire Bitcoin for purposes of risk management or economic leverage, rather than as a reserve asset as some Bitcoin enthusiasts anticipate. Young Ju also posits that if Trump prioritizes maintaining the supremacy of the US dollar to solidify economic dominance, his pro-Bitcoin policies might be sidelined, with minimal impact on his dedicated Republican support base.
This scenario appears increasingly plausible following Trump’s recent assertive statements about the US’s economic power gap as his inauguration in January approaches. Despite his commitments made at the National Bitcoin Conference, Young Ju remains uncertain about Trump’s political resolve to enact his pro-Bitcoin agenda. A failure to do so could reveal these promises as mere political maneuvers to garner votes.
Current Bitcoin Market Dynamics
As of this writing, Bitcoin is trading at $95,259, marking a 0.76% increase over the past day. However, the cryptocurrency’s trading volume has seen a decline of 53.80%, bringing it to a value of $24.12 billion.
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