Will the US go all-in on Bitcoin? CryptoQuant CEO is skeptical

Click on your avatar live, watch the live broadcast to understand the bull market! ! !

As President-elect Donald Trump proposed the establishment of a national Bitcoin reserve, BTC soared to over $108,000 on December 17, 2024, and the debate over its feasibility and purpose intensified.

While some see it as a strategic move to consolidate the United States' global financial dominance, critics argue that it would expose taxpayers to unnecessary risks.

CryptoQuant CEO Ki Young Ju published an article on X on December 28 questioning the practicality of the proposal and discussing the conditions under which the United States might adopt Bitcoin as a strategic asset.

Donald Trump's Vision

Trump's vision for a "national strategic Bitcoin reserve" is modeled after the strategic oil reserve established during the 1975 oil crisis.

He first announced the plan at the Bitcoin Conference in Nashville in July 2024. Trump said that crypto seized in criminal prosecutions, which currently total 198,109 BTC ($18.9 billion according to BitcoinTreasuries), could form the basis of a reserve.

Proponents argue that the reserve would allow the U.S. to control a limited supply of Bitcoin, which is capped at 21 million, of which 19.79 million are already in circulation.

This could prevent other countries from adopting BTC as an alternative to the dollar and solidify the dollar's position as the world's reserve currency.

U.S. government dominance over Bitcoin

The U.S. is already a leader in Bitcoin mining, accounting for 37.8% of the world's hash rate as of 2022 (Energy Information Administration).

Senator Cynthia Lummis of Wyoming introduced a bill in July 2024 that would require the government to acquire 1 million Bitcoins (BTC) within five years, adding momentum to the reserve idea.

Click on the avatar live, watch the live broadcast to understand the bull market! ! !