【CITIC Securities: It is expected that the Federal Reserve will be unable to launch a digital dollar during Trump’s term】 Jin10 Data, December 18 - CITIC Securities stated that moving forward, Trump may establish a "Cryptocurrency Advisory Committee" and consider Bitcoin as a strategic reserve asset for the United States. Even if the U.S. Congress promotes a Bitcoin reserve plan, we expect the rate will be slow and the process will be fraught with difficulties, having limited impact on the global U.S. dollar reserve currency system. However, cryptocurrency payments are expected to be promoted, especially the use of stablecoins in the field of cross-border payments may become more widespread. Given that the Republican Party has secured both houses of Congress and Trump's expressed opposition to the digital dollar in this election, it is anticipated that the Federal Reserve will be unable to launch a digital dollar during Trump's term, and the Fed will continue to focus primarily on traditional economic indicators, with little impact from cryptocurrencies on its monetary policy. During the Trump 2.0 era, cryptocurrencies may, to some extent, amplify the volatility of the U.S. stock market and trigger a redistribution of liquidity among different assets. Cryptocurrencies will occupy a more important position in overseas asset allocation portfolios, and it is expected that U.S. stock-related cryptocurrency assets will also benefit from policy dividends. (Source: Jin10 Data)