In a recent post on CryptoQuant, CEO Ki Young Ju raised the question of whether the U.S. would adopt a Bitcoin reserve under the new Trump administration. Young Ju expressed his personal support for the idea of a Bitcoin standard but questioned whether the U.S. would see the need to embrace Bitcoin as a strategic asset, given its current global economic dominance. Trump had promised to establish a national Bitcoin reserve during his 2024 campaign, which caught the attention of analysts who suggested it could lead to a significant increase in Bitcoin’s value.
Even before Trump’s promise of a Bitcoin reserve, the U.S. already held the top position in global Bitcoin mining, accounting for approximately 37.8% of the world’s Bitcoin hash rate as of 2022. The U.S. dollar also maintains its dominance on a global scale, handling the majority of trade and currency reserves. Young Ju believes that the U.S. would only consider adopting a strategic Bitcoin reserve if it perceives a threat to its global dominance.
Historically, whenever the U.S. saw a threat to its global economic dominance, debates around the gold standard gained traction and gold prices surged. Young Ju points out that Koreans are increasingly turning to U.S. dollars as a safe haven, surpassing both gold and Bitcoin. This trend reflects a global sentiment favoring the dollar’s stability and raises questions about how U.S. economic policies may evolve under Trump’s leadership, given his changing stance on cryptocurrencies.
Despite Trump’s previous skepticism towards Bitcoin and cryptocurrencies, he has recently shown support for them, even proposing a national Bitcoin reserve. However, considering Trump’s past statements and the evolving political landscape, Young Ju speculates that Trump’s stance on Bitcoin may shift depending on factors such as U.S. economic resilience and his approval ratings. It remains unclear whether Trump’s mention of Bitcoin was a genuine step towards a “Bitcoin Standard” or a strategic move to appeal to voters.
In conclusion, the debate around whether the U.S. will embrace a Bitcoin reserve under the Trump administration continues to spark interest among crypto professionals. Young Ju and others question the sincerity of Trump’s support for Bitcoin and wonder whether his campaign promises will be fulfilled. With geopolitical shifts and economic uncertainties shaping global markets, the future of Bitcoin as a strategic asset in the U.S. remains uncertain. Ultimately, only time will tell how Trump’s position on Bitcoin will evolve and whether the U.S. will indeed consider adopting a national Bitcoin reserve.
