Analysts from TD Cowen have expressed skepticism that incoming President Donald Trump will support proposals for the United States to hold a Bitcoin reserve. This view aligns with Trump’s firm stance on maintaining the U.S. dollar as the world’s dominant reserve currency.
In a recent analysis, TD Cowen highlighted Trump’s recent remarks reaffirming his commitment to the dollar’s supremacy. Over the weekend, the president-elect warned the BRICS countries—comprising China, Russia, India, and Brazil—that the U.S. would impose 100% tariffs if they proceed with plans to develop a new currency or reduce reliance on the dollar for international trade.
Despite some advocates, such as the Bitcoin Policy Center, suggesting that a Bitcoin reserve could help the U.S. maintain its leadership in global finance, analysts note that this idea directly conflicts with Trump’s belief in the dollar’s vital role in securing U.S. economic and military power. The notion of Bitcoin as a reserve asset is seen as anathema to his strategy of preserving dollar dominance.
While Trump may mention Bitcoin in speeches or on social media to draw attention, TD Cowen analysts believe that any serious move to create a Bitcoin reserve would require political capital that Trump is unlikely to invest in such an initiative. The analysts also predict that the debate may evolve over the next two years, suggesting that Bitcoin advocates might need to reconsider their arguments if they hope to gain traction with the Trump administration.
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