In a detailed post on X, CryptoQuant CEO Ki Young Ju has cast doubt on whether the United States will adopt a Bitcoin reserve during the incoming Donald Trump administration. While Young Ju personally supports the idea of a Bitcoin Standard, he questions if the US, which is currently enjoying economic growth while others stagnate, would embrace Bitcoin as a strategic asset. He believes that for such a move to gain real traction, the US would need to face a significant threat to its global economic dominance. Currently, market sentiment indicates confidence in the US’s continued supremacy.
During the 2024 campaign, Trump promised to create a national Bitcoin reserve, which attracted attention and led some analysts to predict a potential increase in Bitcoin’s value. In fact, Bitcoin reached an all-time high of over $108,300 in the weeks following the election.
Even before Trump’s change in stance on Bitcoin, the US was already a leading force in global Bitcoin mining. According to the Energy Information Administration, it accounted for approximately 37.8% of the world’s Bitcoin hash rate in 2022. Additionally, the US dollar remains dominant globally, handling about 58% of all trade and 59% of all currency reserves.
Young Ju anticipates that the US will only consider a strategic Bitcoin reserve if its global dominance is at risk. He also notes that as geopolitical shifts and economic uncertainties impact global markets, Koreans are increasingly turning to the US dollar as a safe haven, surpassing both gold and Bitcoin. This reflects a broader global preference for the dollar’s stability and raises questions about how US economic policies will evolve under Trump’s leadership.
Trump’s position on Bitcoin has changed significantly in a short time. He was previously critical of cryptocurrencies in 2019 but became an advocate during the 2024 campaign. Young Ju suggests that Trump’s stance could shift again depending on the political landscape. If Trump is successful in demonstrating the US’s economic strength and maintaining the dollar’s dominance while increasing his approval ratings, it’s unclear if he would continue to support Bitcoin. He could potentially backtrack on his Bitcoin advocacy without losing his voter base.
The question remains for Young Ju and other crypto professionals: Was Trump’s mention of Bitcoin at the BTC Conference a genuine step towards a “Bitcoin Standard” or simply a strategic move to gain votes? Young Ju concludes that it’s uncertain how much of Trump’s campaign promises regarding Bitcoin he will actually fulfill.
Related topics:
Bitcoin vs Altcoins: Who Will Shine During the Holiday Season?
Analyst Predicts Bitcoin Could Surpass $168,500 Based on Mayer Multiple Indicator
Ukraine Prepares Sanctions Over Russia’s Bitcoin Use in Foreign Trade
