Outside Source
Crypto Quant CEO, Ki Young Ju says the crypto market is turning into a ‘weapon of the United States’ after Trump announced a U.S. crypto reserve is underway.
In a recent post, Ju analyzed Trump’s latest announcement on Truth Terminal which fueled the rise of major tokens listed for the U.S. crypto reserve.
He first made a note of Trump mentioning Bitcoin (BTC) and Ethereum (ETH) two hours after he shared his initial post about the national crypto reserve which only mentioned XRP (XRP), Solana (SOL) and Cardano (ADA).
“Can I interpret his tweets this way? “BTC and ETH, show me your strategic value—for me and the USA. I just closed a deal with XRP, SOL, and ADA,” wrote Ju.
The post was followed by another where the CryptoQuant CEO stated the crypto market is “increasingly becoming a weapon of the United States.” He noted that since Trump was elected president, crypto is no longer seen as something “illegal” because it now serves to benefit Trump and the U.S. national interest.
“Ultimately, “coins serving U.S. national interests” are likely to work against every country except the United States. It appears to be a strategy to dominate the crypto market and absorb foreign capital,” said Ju.
As a result of this new model, Ju said the way that Trump has endorsed cryptocurrency and integrated it into a tool to make the U.S. “the Crypto Capital of the World” could pose a threat to Bitcoin and Ethereum.
Ju believes the agenda being pushed by the U.S. could be “unfavorable” for the two largest cryptocurrencies because BTC and ETH strive to decentralize the financial system and become a tool for public good, not something that serves to benefit specific stakeholders or countries.
“Judging by Trump’s recent posts, it seems that Bitcoin and Ethereum are now being signaled as “neither friend nor foe,” he concluded.
Though in a separate post, Ju clarified that he did not intend to “judge” the U.S. Instead, he said his analysis came from a feeling of “admiration, [I’m] amazed that a country can move this swiftly.”
Trump’s crypto reserve announcement made waves in the crypto space, bolstering $300 billion in crypto market value. Shortly after the announcement, Bitcoin surged 8%, finally recovering from its slump and going beyond $93,000.
Meanwhile, Ethereum jumped by 11%. The announcement also triggered a major rally on Cardano, boosting the token as high as 75%.
This article first appeared at crypto.news
