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Could Trump Make Bitcoin a U.S. Reserve Asset? Analysts Think It’s Unlikely

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Trump\'s social media
Trump’s social media

Despite the Trump administration’s pro-cryptocurrency stance, analysts believe it is unlikely that Bitcoin will be adopted as a strategic reserve asset in a potential second term.

On Monday, CryptoNews reported that Joo Gi Young, CEO of CryptoQuant, shared his insights on social media on Saturday.

He questioned whether the U.S. would consider adopting Bitcoin as a strategic reserve asset while other global economies face challenges.

Joo emphasized that such a move would only be seriously considered if America’s global economic dominance were at risk. He observed that current market sentiment still reflects strong confidence in the U.S. economy’s supremacy.

While some speculate that the U.S. government might purchase Bitcoin as a hedge or for economic leverage, Joo argued that these motivations differ significantly from the vision held by Bitcoin enthusiasts.

He dismissed the notion of preparing for a Bitcoin standard or defending the dollar system using Bitcoin as improbable, given the ongoing inflow of global capital into the U.S. and the dollar’s continued dominance.

Joo highlighted that Trump has consistently warned other world leaders about the widening power gap between the U.S. and other nations. Joo suggested that such rhetoric, paired with increasing dollar inflows, could reinforce confidence in the dollar’s supremacy.

He also noted that many South Koreans are turning to the dollar as a safer asset than gold or Bitcoin, mainly because the Korean won is weakening.

Joo speculated that if Trump succeeds in showcasing U.S. economic resilience, strengthening the dollar’s position, and boosting his approval ratings, his strong pro-Bitcoin stance could shift.

He stressed that Trump might pivot away from his cryptocurrency-friendly rhetoric, citing evolving priorities, without alienating his voter base.

Trump has consistently expressed support for cryptocurrency. At the Bitcoin 2024 Conference in Nashville, Tennessee, last July, he pledged to make the U.S. the world’s cryptocurrency capital and a Bitcoin superpower, vowing to promote the industry actively.

Recently, Trump hinted at the possibility of accumulating Bitcoin as a strategic reserve asset, similar to stockpiling oil. During a bell-ringing ceremony at the New York Stock Exchange on December 12, Trump told CNBC that the U.S. would become a global leader in cryptocurrency.

theguru
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