Trump's 'Bitcoin Saves the Country' Dream May Be in Vain

Recently, Pennsylvania (the sixth largest industrial state by GDP in the U.S.) passed the 'Bitcoin Rights Act', designating Bitcoin as a strategic reserve currency, aligning with Trump's campaign proposal to elevate Bitcoin as a national reserve currency. After Trump's victory, Bitcoin's value soared, reaching an all-time high of $99,660 per coin on the 23rd, possibly aiming to leverage its position in the wave of de-dollarization to replace the dollar, attract global capital, and alleviate inflation, allowing Bitcoin to act as a 'dollar reservoir'.

However, from the night of the 25th to the early morning of the 26th, Bitcoin took a sharp downturn, falling below $93,000 per coin, a decline of over 6%, with other cryptocurrencies like Dogecoin and Ripple also dropping (Dogecoin down over 13%), while only Ethereum saw a counter trend increase of 5.6%, casting a shadow on Trump's vision due to market instability.

Currently, the U.S. faces numerous challenges, with national debt exceeding $36 trillion as of September, rising fiscal deficits, and worsening inflation. Moreover, Bitcoin's ambitions to 'save the country' face significant obstacles: the country has long taken precautions against Bitcoin, banning financial institutions from providing settlement services, rendering its attempt to harvest Chinese assets futile; despite the dollar's decline, it remains the dominant global currency, and Bitcoin lacks credible backing from major powers; the U.S. also finds it difficult to force Bitcoin adoption, with limited government holdings and constrained transaction value. To meet Trump's expectations, Bitcoin would need to surge tenfold, but its stability is in doubt, making such an increase unpredictable.

In the future, if Trump were to take office, it is highly likely that he would continue the trade and financial wars with China, though this may result in 'killing a thousand enemies while harming oneself eight hundred', yet the U.S. seems to be in a situation where it cannot easily retreat, deeply mired in difficulties.