Trump Media's recent aggressive positioning in the Bitcoin space— including a $2.3 billion Bitcoin vault plan and a Truth Social Bitcoin ETF application—marks a deep binding of cryptocurrency with political power. This strategy could both accelerate mainstream institutional adoption and drag the market into the whirlpool of political games.

If the Truth Social Bitcoin ETF is approved, it will provide traditional investors with a low-threshold compliant investment tool, attracting conservative funds that typically do not engage with cryptocurrency. A similar effect was seen in early 2024 when institutional investors, such as Wisconsin pension funds, entered the Bitcoin market after the approval of spot Bitcoin ETFs.

The Trump administration has paused the sale of 200,000 Bitcoins held by the U.S. government and has included them in a 'strategic reserve', likening it to gold's 'digital Fort Knox'. This official reserve stance may reinforce Bitcoin's positioning as 'digital gold' and encourage more sovereign funds or pension funds to follow suit.

If Trump Media successfully establishes a large-scale Bitcoin vault and promotes government spending on-chain, it will substantially enhance the application of cryptocurrency in payment, clearing, and other scenarios.

Trump Media's Bitcoin ambitions act as both a catalyst for mainstreaming and a powder keg for market volatility. In the short term, its political appeal may accelerate fund inflow; in the long term, the cryptocurrency market must avoid becoming a tool for partisan conflict in order to achieve sustainable mainstreaming. The real challenge lies in how to transform the 'Trump effect' into an institutional framework that can detach from the personal influence of political figures—such as Congress legislating clear reserve rules or the SEC establishing bipartisan standards for cryptocurrency asset classification. Otherwise, the 'politicization fate' of the crypto market may become its biggest obstacle to integration into the mainstream.