US Government’s Motivations for BTC Standard Likely Differ From Bitcoiners, Warns CryptoQuant CEO

The CEO of market intelligence platform CryptoQuant is warning traders that the US authorities’s motivations for making a Bitcoin (BTC) commonplace could also be completely different than they anticipate.

In a brand new thread on the social media platform

“Personally, I assist the concept of ​​Bitcoin Normal. Nonetheless, I doubt that the US, although it continues to develop whereas different economies stagnate, would embrace Bitcoin as a strategic asset. If the talk is to achieve severe momentum, the US should see its international financial dominance really threatened. At the moment, market sentiment signifies confidence within the continued supremacy of the US.”

The Bitcoin Normal – additionally a ebook written by Saifedean Ammous – refers to the concept the US authorities might use Bitcoin as a reserve.

In accordance with Ju, even when that have been the case, the federal government’s intentions can be vastly completely different from these of Bitcoin bulls and traders, though it’s a risk that the federal government might create a BTC commonplace, though no particulars have been talked about.

“Whereas it’s conceivable that the US authorities might buy Bitcoin for threat administration or financial profit, its motivations would possible differ drastically from what Bitcoiners think about.

The thought of ​​shopping for Bitcoin in preparation for a Bitcoin commonplace or as a software to defend the greenback system appears far faraway from present actuality. As international capital flows into the US, many nonetheless imagine the greenback’s dominance is safe.”

Ju concludes by saying that if newly elected President Donald Trump’s time period is profitable and he rebuilds the power of the US greenback, he might change his pro-BTC stance.

“If Trump succeeds in demonstrating American financial resilience, cementing the supremacy of the greenback and rising his approval rankings, it’s unclear whether or not he’ll keep the sturdy pro-Bitcoin stance he has proven throughout his marketing campaign. He might simply stroll away from his advocacy for Bitcoin, citing altering priorities, with out alienating his voter base.”

Earlier this month, Fed Chairman Jerome Powell stated the federal government can’t legally maintain Bitcoin as a reserve and has no plans to alter the regulation, inflicting the crypto king to see a major value drop.

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