Bitcoin: The Ultimate Hedge Against Fiat Currency Devaluation in the Proposed Economic Policies of the Incoming Trump Administration. In Arthur Hayes' article 'Black or White,' the BitMEX co-founder explores the potential economic policies that the incoming Trump administration may adopt and their potential impact on cryptocurrencies. Hayes believes that the economic policies of the Trump administration may follow a development model similar to that of China, focusing on increased fiscal stimulus and implementing industrial policies to promote the return of manufacturing to the United States. This may involve providing tax incentives and subsidies to key industries, encouraging banks to offer low-cost financing to these sectors. Such policies could further expand bank credit, possibly exceeding the $4 trillion stimulus plan during the pandemic. In this context, Bitcoin is seen as the 'ultimate tool' to hedge against fiat currency devaluation. If fiscal stimulus and credit expansion in the U.S. economy lead to dollar depreciation, cryptocurrencies, especially Bitcoin, may become the preferred choice for hedging against inflation and fiat currency devaluation. Hayes points out that Bitcoin's scarcity and decentralized nature make it a more attractive safe-haven asset in such an environment. Some analysts predict that if this economic situation persists, the price of Bitcoin could soar to $1 million, becoming a crucial asset for protecting wealth from the erosion of fiat currency devaluation. For investors, with possible policy adjustments, they may need to reassess their cryptocurrency portfolios to better cope with the future economic environment. After the implementation of the Trump administration's policies, investors should closely monitor signals of inflation and dollar devaluation, as these may have significant impacts on the crypto market. As a 'digital gold,' Bitcoin may be increasingly regarded by individuals and institutions as a key component of asset allocation in this broader context.