$BTC **Bitcoin Policy Shift: U.S. Strategic Reserves and the New Global Financial Landscape**

On March 7, 2025, U.S. President Trump signed an executive order officially establishing a national Bitcoin strategic reserve, incorporating approximately 200,000 Bitcoins held by the U.S. government (primarily sourced from judicial seizures) into the reserve system, and pledged "not to sell these assets," aiming to strengthen the U.S. leadership position in the cryptocurrency field. This policy marks the first time the U.S. has included cryptocurrency in its national reserve framework and is one of the core initiatives of the Trump administration's "new cryptocurrency policy."

Trump's pivot to Bitcoin began with his campaign promises, which included firing the SEC chairman who took a hard stance on the crypto industry, banning central bank digital currency (CBDC), and promoting the establishment of a clear regulatory framework. Behind this shift is not only personal business interests but also national strategic considerations. In recent years, the share of the U.S. dollar in global reserve currencies has continued to decline, while crypto assets such as stablecoins are deeply tied to the dollar (95% of stablecoins are dollar-pegged), which has objectively reinforced the international status of the dollar through the cryptocurrency market's return to U.S. Treasury bonds. The Trump administration aims to position the U.S. as the "world capital of cryptocurrency" to counter technological competition from countries like China, while also shifting regulation from "strict control" to "supporting innovation" through legislation (such as the "21st Century Financial Innovation and Technology Act").

However, the market response following the implementation of the policy has been mixed. Although the long-term institutional benefits are recognized, Bitcoin's price dropped over 5% on the day the news was announced, with tokens like Ethereum and SOL also experiencing fluctuations, highlighting market concerns over the uncertainty of policy execution. Industry insiders, such as Solana co-founder Toly, pointed out that while the executive order eliminates some regulatory ambiguities, further clarification is needed on rules regarding token issuance, DeFi, and other areas.

Overall, the shift in U.S. Bitcoin policy serves as a litmus test for financial innovation and a new battleground for geopolitical economic competition. Its success or failure will profoundly impact the integration process of the global cryptocurrency ecosystem and the traditional financial system.