Following the US elections in November, the crypto neighborhood has remained elated as pro-Bitcoin (BTC) and pro-crypto candidate Donald Trump emerged as the US President-elect. During the course of an intensive marketing campaign, Trump voiced clear assist for the crypto industry with promises of introducing favorable insurance policies together with a nationwide bitcoin reserve if elected.
With the Republican’s inauguration quick approaching, revered crypto determine and CEO of CryptoQuant, Ki Young Ju, has expressed his ideas on the chance of Donald Trump implementing his guarantees to the crypto house.
Trump May Reverse Pro-Bitcoin Stance For Dollar Supremacy: Young Ju
In an X post on December 28, Ki Young Ju shared an opinion on the feasibility of Donald Trump’s pro-Bitcoin manifesto particularly in regards to the proposed adoption of BTC as a strategic reserve asset.
The CryptoQuant CEO first explains that traditionally gold serving as the worldwide monetary normal skilled worth surges each time the US detected a menace to its financial standing. Over the previous 50 years, the US greenback has emerged as the worldwide normal with the US repeatedly rejecting a return to the gold normal by using a number of methods to maintain financial development.
Ki Young Ju states that Bitcoin is at present growing within the ideological house beforehand held by gold i.e. serving as a hedge in opposition to inflation and different financial crises to which fiat currencies e.g. US greenback could also be topic.
However, the CryptoQuant CEO believes the US authorities will solely undertake BTC as a strategic reserve asset in the event that they understand a hazard to their world financial dominance. Albeit, Young Ju says that present market sentiment signifies that such a menace is non-existent with the US greenback nonetheless experiencing important capital inflows.
Therefore, the US is prone to purchase Bitcoin for danger administration or financial leverage versus being a reserve asset as anticipated by Bitcoin marxists.
Young Ju additional means that if Trump prioritizes US greenback dominance to bolster financial supremacy, pro-Bitcoin insurance policies might take a again seat in his administration, with little affect on the Republican’s ardent supporter base.
This state of affairs is extremely attainable following Trump’s current boastful statements in regards to the US financial energy hole forward of his inauguration in January. Therefore, regardless of his guarantees on the National Bitcoin Conference, Young Ju believes it’s nonetheless troublesome to determine Trump’s political will to implement his pro-Bitcoin manifesto, failure of which might reveal these guarantees as a mere political technique to safe votes.
BTC Price Overview
At the time of writing, BTC trades at $95,259 reflecting a 0.76% achieve within the final day. However, the asset’s buying and selling quantity is down by 53.80% and is valued at $24.12 billion.
Featured picture from PCMag, chart from Tradingview
