The digital currency market has been buzzing with excitement following US President Donald Trump’s historic announcement about establishing a national digital currency reserve. This move has not only caused a surge in the price of Bitcoin and four other digital currencies mentioned by Trump, but it has also sparked speculation among investors about the mastermind behind this bold initiative.
On multiple occasions, Trump has shared the stage with the enigmatic Elon Musk looming in the background. The tech billionaire is a staunch supporter of digital currencies and a symbol of innovation. These two powerful figures, with influence extending far beyond their respective nations, could very well be the catalysts for a financial revolution the likes of which the world has never seen.
Elon Musk: The Mastermind Behind Trump’s Digital Currency Strategy?
Despite their current strong support for digital currencies, it’s worth noting that both Trump and Musk initially held opposing views. During his first term (2017-2021), Trump expressed skepticism about digital currencies, going so far as to call Bitcoin a “scam,” which had a detrimental effect on the value of the US dollar. However, his stance underwent a significant transformation during the 2024 election campaign, as he began accepting digital currency donations and branding himself as a “digital currency-friendly” candidate.
Trump pledged to boost the industry if elected, including removing stringent regulations and retaining all the Bitcoin held by the US government. This shift coincided with the time when Trump received strong backing from Musk, who contributed over 200 million dollars through a Super PAC to support Trump’s reelection bid.
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Donald Trump and Elon Musk. Source: BTA |
Elon Musk, on the other hand, is no stranger to the world of digital currency investments. From his market-shaking tweets about Bitcoin to Tesla’s decision to hold billions of dollars in digital currencies back in 2021, Musk has proven himself to be not just an investor but a pioneer in integrating digital currencies into business practices.
The intersection between Musk and Trump in the realm of digital currencies became more apparent after Trump’s election victory in November 2024. Trump appointed Musk as co-leader of the “Department of Government Efficiency” (DOGE), an advisory body outside the government with a name coincidentally matching Musk’s favorite Dogecoin. This appointment triggered a surge in the value of Dogecoin, more than doubling its price after Trump’s win, reflecting market expectations that Musk could influence digital currency policies under the Trump administration.
So, when Trump unveiled his plans for a digital currency reserve including Bitcoin, Ethereum, and other major currencies, many couldn’t help but draw connections to Musk’s influence. It was no coincidence that just hours after Trump’s announcement, Musk took to Twitter to post about Dogecoin once again.
A Potential Game-Changer for Global Finance
Strategically, Musk may have served as an unofficial advisor to Trump in formulating this plan. During the 2024 election campaign, Trump repeatedly emphasized the importance of the US leading in blockchain technology, a viewpoint that aligns with statements made by Elon Musk at tech conferences.
If Elon Musk indeed played a role in shaping the digital currency reserve strategy, his involvement would extend beyond mere advice. He would act as a bridge between the Trump administration and the tech and digital currency communities.
Another indication of Musk’s influence is Trump’s emphasis on Bitcoin as “digital gold” in his speech. This terminology echoes Musk’s own comparisons between Bitcoin and gold, highlighting its scarcity and intrinsic value.
Should Musk be the brains behind this initiative, he could be orchestrating a long-term strategy to transform digital currencies into a national reserve asset for the US and, ultimately, a global standard. With his experience in leading Tesla and SpaceX, Musk understands how to leverage technology to disrupt traditional industries. This time, the financial sector could be next in line for transformation.
By incorporating digital currencies into the US national reserve, Trump, with Musk’s support, could position the US at the forefront of both traditional and decentralized finance. With hundreds of thousands of Bitcoins in reserve, the US could encourage major companies like Tesla to accept digital currencies in international transactions. This would not only boost the value of these currencies but also create a new financial ecosystem where the US dollar and Bitcoin coexist as complementary instruments of power.
Given Musk’s influence in the tech industry, companies like SpaceX and xAI could take the lead in developing blockchain infrastructure to support the US reserve, thereby setting the standard for the rest of the world. If successful, this alliance could undermine the financial might of rivals like China’s e-CNY digital currency, forcing other nations to follow the US model.
However, there are significant risks to consider. The volatility of digital currencies could undermine confidence in the US reserve if Bitcoin prices were to plummet. Additionally, geopolitical rivals like China and Russia might accelerate their plans for their own national digital currencies, leading to a new type of financial arms race.
Mạnh Hà
– 05:35 05/03/2025
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