#特朗普就职百日

The policy mix of the Trump administration amplified market volatility in the short term, but also pressed the accelerator for profound changes in the international monetary system and the cryptocurrency landscape:

Gradual disintegration of the dollar system: The process of de-dollarization has shifted from 'marginal probing' to 'multipolar advancement', with the dominance of the dollar potentially entering a nonlinear decline phase within the next decade.

Institutional rise of crypto assets: National-level Bitcoin reserves will drive the crypto market from 'speculation-led' to a 'sovereign-institutional' dual-driven model, with BTC possibly becoming the new generation of 'supra-sovereign reserve assets'.

Fragmented reconstruction of global governance: Regional trade alliances (such as RCEP) and digital currency groups (such as the BRICS payment network) are developing in parallel, forming a new global economic order characterized by 'multi-centers and multi-standards'.

Final judgment: Short-term market volatility is an inevitable growing pain of the collapse of the old order and the gestation of a new system, while national-level Bitcoin reserves may become a key variable in reconstructing the global asset pricing logic—but their success depends on whether the U.S. can resolve the strategic compatibility issue between dollar sovereignty and crypto sovereignty.