Will the US Embrace a Bitcoin Reserve Under the Incoming Donald Trump Administration?

In a lengthy post on X, CryptoQuant CEO Ki Young Ju questioned whether the U.S. would embrace a Bitcoin reserve under the incoming Donald Trump administration.

Fresh from announcing plans to establish a national Bitcoin (BTC) reserve, former U.S. President Donald Trump has seen his campaign efforts bolstered by cryptocurrency enthusiasts.

However, as Young Ju, the CEO of CryptoQuant, points out in a recent analysis, Trump’s stance on Bitcoin has undergone a significant transformation since his previous term in office.

During the 2024 campaign, Trump has enthusiastically embraced cryptocurrency, going so far as to establish a national Bitcoin reserve and attend the BTC Conference in Miami.

In contrast, during his 2017 State of the Union address, Trump expressed skepticism toward Bitcoin and other cryptocurrencies, highlighting their volatility and potential for use in illegal activities.

“I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” Trump stated at the time.

This stark shift in態度 has left some wondering about the true nature of Trump’s Bitcoin support and whether it is merely a campaign tactic to secure votes.

As Young Ju notes, Trump’s campaign has also seen him express support for policies that could potentially undermine cryptocurrency, such as stricter financial regulations and increased oversight of digital assets by the U.S. Securities and Exchange Commission (SEC).

“Trump’s economic policies and geopolitical maneuvers will ultimately shape the fate of Bitcoin in the United States,” Young Ju said.

“If his policies lead to a weakening of the dollar and a decline in U.S. economic dominance, the stage will be set for a massive pivot toward Bitcoin. However, if Trump manages to strengthen the dollar and bolster the U.S. economy, don’t expect the government to adopt Bitcoin as a strategic asset just yet.”

CryptoQuant, a leading cryptocurrency analytics firm founded in South Korea, has secured $6.5 million in funding from Atinum Investment, a South Korean private equity firm.

This investment will support CryptoQuant’s global expansion and the development of new blockchain data products.

Established in 2019, CryptoQuant provides a wide range of on-chain data, including metrics, charts, and analysis tools, for various cryptocurrencies.

The firm caters to both retail and institutional traders, offering insights into market movements, liquidity, and🐋 activity.

As of 2023, CryptoQuant boasts over 100,000 active users and is considered a top competitor to companies like Glassnode and Nansen in the crypto analytics space.