According to U.S. Secretary of Commerce Howard Lutnick, Trump plans to announce a Bitcoin Strategic Reserve Program at the White House Cryptocurrency Summit. This policy shift could have profound implications for the Federal Reserve's monetary policy, the dollar's status, and the global cryptocurrency market, as analyzed below:

Impact on Federal Reserve Monetary Policy

1. Pressure for Monetary Policy Adjustment: The implementation of the Bitcoin Strategic Reserve Program may put greater pressure on the Federal Reserve to adjust monetary policy. If Bitcoin is incorporated into national reserves, its price volatility could affect dollar liquidity, and the Federal Reserve would need to seek a balance between maintaining dollar stability and responding to fluctuations in cryptocurrency assets.

2. Quantitative Easing and Market Expectations: The Trump administration's fiscal stimulus policies may further exacerbate the fiscal deficit, with market expectations that the Federal Reserve might use quantitative easing (QE) to fill funding gaps. This increase in liquidity could be favorable for cryptocurrencies like Bitcoin, driving further prosperity in the crypto market.

Impact on the Global Cryptocurrency Market

1. Significant Increase in Market Recognition: The Bitcoin Strategic Reserve Program would bring unprecedented market recognition to Bitcoin, transforming it from a speculative asset into a national reserve asset. This would further promote the mainstreaming of Bitcoin, attracting more institutional investors and sovereign funds to allocate Bitcoin.

2. Reshaping of the Global Cryptocurrency Market Landscape: This U.S. policy could trigger similar actions from other countries, creating a "national Bitcoin reserve race," thereby reshaping the global cryptocurrency market landscape. Additionally, Bitcoin’s reserve status could allow it to occupy a more dominant position in the crypto market, while other cryptocurrencies may face different regulatory and market treatments.

3. Market Volatility and Long-term Trends: In the short term, Bitcoin's price may surge significantly due to favorable policies, leading to increased market volatility. In the long term, Bitcoin may gradually transition from a highly volatile asset to a more stable store of value.

Overall Perspective

The Trump administration's Bitcoin Strategic Reserve Program represents not only a significant shift in attitude toward cryptocurrencies but could also be a landmark event in the transformation of the global financial system. The implementation of this policy could have profound implications for the dollar's reserve status, the Federal Reserve's monetary policy, and the global cryptocurrency market.