The impact of Trump's tax reform policy on Bitcoin (BTC) is mainly reflected in the following aspects:

1. Policy Support and Strategic Reserves: Trump plans to include Bitcoin in the U.S. strategic reserves and may directly purchase Bitcoin with tariff revenues, which injects confidence into the market and pushed the BTC price to briefly exceed $95,000.

2. Regulatory Relaxation: Trump supports reducing intervention in cryptocurrencies in the tax reform, and the SEC may relax restrictions, attracting more institutional funds, as evidenced by record daily net inflows into Bitcoin ETFs.

3. Capital Gains Tax Adjustment: If the tax rate is lowered to 15% or lower, it will reduce trading costs and stimulate participation from retail and institutional investors.

4. Pressure on Miners' Costs: Tariff policies raise the import costs of mining machines (e.g., if the tax rate reaches 36%), but a grace period allows for adjustment time.

5. Market Volatility: Policy uncertainty has led to significant fluctuations in BTC prices, such as a 3% drop in a single day in April due to tariff news, followed by a rebound due to tax reform expectations.

Overall, the tax reform boosts BTC prices in the short term, but the long-term impact depends on policy implementation and market stability.