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While Trump has championed favorable crypto initiatives, including the idea of a national Bitcoin reserve, industry leaders remain cautious about the feasibility of such promises.

According to Ki Young Ju, CEO of CryptoQuant, the U.S. government’s policy toward Bitcoin is deeply connected with the country’s dollar supremacy. He says Bitcoin—popularly referred to as “digital gold”—tends to thrive during times of economic turmoil. For decades, the price of gold appreciated any time there was a perceived dent in the U.S. economy. That’s changed today, with Bitcoin being promoted as a hedge against both inflation and financial collapse.

Source:X

However, Ju says that for so long as the U.S. dollar continues to hold its ground as a global safe-haven asset, Bitcoin’s use case as a strategic reserve asset will remain out of reach.

He added: “In emerging markets where local currencies are rapidly devaluing, people still want U.S. dollars over Bitcoin or gold.”

Trump campaigned on promises to embrace Bitcoin as a strategic reserve as a way of modernizing U.S. monetary policy. But analysts like Ju think these promises may be more about politics than conviction.

After all, Trump’s rhetoric seemed to focus strongly on U.S. economic dominance—something that could be at odds with the promotion of a decentralized asset seen as threatening the dollar’s dominance.

Ju thinks there is more to Trump being able to change his mind and then reverse his own pro-Bitcoin agenda in case this threatens U.S. leverage. “Should the administration prioritize shoring up dollar dominance, then Bitcoin-friendly policies may take a backseat.”

While Bitcoin may face resistance, dollar-pegged stablecoins are gaining prominence as a bridge between traditional finance and blockchain technology. Paxos CEO Charles Cascarilla recently highlighted the role of stablecoins in preserving the utility of the U.S. dollar. At a global conference, Cascarilla stated, “Stablecoins bring the speed and connectivity of the internet to fiat currencies, making them indispensable in the blockchain economy.”

The Dollar Strength Index (DXY) highlights the U.S. dollar’s steady rise since October 2024. Source:TradingView

Stablecoins are particularly in demand in nations that are victims of hyperinflation; for instance, Turkey, whose inflation rate was 67% for the lira in March 2024. According to Chainalysis, more than half of digital assets transacted in Latin America were stablecoins, reflective of the growing participation in global financial ecosystems.

While Trump’s pro-Bitcoin rhetoric has resonated with crypto advocates, experts caution against over-optimism. Alex Thorn, head of research at Galaxy Digital, commented that the U.S. government might explore Bitcoin-related reserve strategies but is unlikely to make significant acquisitions.

Ju concluded that unless the U.S. perceives an existential threat to its economic dominance, Bitcoin will remain on the fringes of national monetary policy. “Trump’s bold statements at the National Bitcoin Conference may be seen as a political maneuver rather than a definitive policy direction,” he observed.

As the world watches the interplay between Bitcoin and the U.S. dollar, the question remains: Can Bitcoin coexist with—or challenge—the dollar’s supremacy under Trump’s administration? For now, the answer is firmly tied to the evolving dynamics of global finance.

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