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TD Cowen analysts argue that Trump’s strong commitment to dollar dominance makes adopting a Bitcoin reserve improbable, as advocates face an uphill battle for policy change.
Trump’s Dollar-First Strategy Blocks Bitcoin Reserve Proposals
According to TD Cowen analysts, incoming US President Donald Trump's steadfast confidence in the dollar's primacy as the global reserve currency makes him unlikely to back calls for a US Bitcoin reserve, Investing.com reports.
TD Cowen analysts stated in a report that Trump's posture on maintaining the dollar's central role is reinforced by his recent remarks.
He threatened the BRICS alliance, which includes Brazil, Russia, India, and China, with 100 percent tariffs over the weekend if they pursue their plans for a new currency or look for alternatives to the dollar in international commerce.
While some perceive a strategic bitcoin reserve as a way to protect the dollar from a possible drop, this concept goes against Trump's goals of making the United States economically and militarily powerful, according to TD Cowen analysts.
Dollar Supremacy Seen as Key to American Power
There is little space for alternative reserves, they said, because Trump considers the dollar's dominance essential to American power and influence.
The Bitcoin Policy Center and others who favor a Bitcoin reserve argue that the United States should keep its position as the world's leading financial power by keeping digital assets like Bitcoin on hand. Nonetheless, Trump's support for a measure that could weaken the dollar is unlikely, according to TD Cowen analysts.
According to TD Cowen, Trump is not likely to devote much political capital—which he may use to tout Bitcoin in speeches or social media posts—to the cause of establishing a reserve.
Future of Bitcoin Reserve Proposals Under Trump
According to the experts, the discussion may change in the next years. If advocates of a bitcoin reserve want to win over a Trump administration, they say they'll have to stop painting the cryptocurrency as a protection against a falling dollar.
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