The United States Embraces Bitcoin with Strategic Reserves

Trump's election bolstered the cryptocurrency market, with his administration appointing crypto-friendly officials such as Vice President JD Vance. This marks the end of anti-crypto policies and the beginning of a strategic asset positioning policy for Bitcoin.

Progress on Cryptocurrency ETPs

The new SEC leadership will approve multiple spot ETPs, such as the VanEck Solana product. The Ethereum ETP will expand staking capabilities, and both Ethereum and Bitcoin ETPs will support physical creation and redemption. Changes to SEC rule SAB 121 will encourage banks and brokers to custody spot cryptocurrencies, advancing the integration of digital assets with traditional financial infrastructure.

Sovereign Bitcoin Adoption Trends

It is expected that by 2025, the federal government or some states (Pennsylvania, Florida, or Texas) will establish Bitcoin reserves. The federal government may use the Treasury's foreign exchange stabilization fund for reserves, while state governments may act independently due to fiscal uncertainty or to attract innovation in crypto investments. In terms of Bitcoin mining, as adoption rates rise in BRICS nations, the number of countries mining with government resources will reach double digits (currently seven), with Russia's intention to settle international trade in cryptocurrencies boosting this trend.

Outlook for the U.S. Crypto Ecosystem

The U.S. support for Bitcoin will impact the crypto ecosystem. Clear regulations and incentives will attract talent and companies back, with the global share of U.S. crypto developers expected to rise from 19% to 25%. U.S. Bitcoin mining, driven by cheap energy and favorable tax policies, will increase its global computing power share from 28% in 2024 to 35% by the end of 2025, consolidating the U.S.'s leadership position in the global Bitcoin economy. #BTC再创新高 #puppies币 #puppies，一级市场难得的金狗 $BTC