CITIC Securities stated that in the future, Trump may establish a cryptocurrency advisory committee and consider using Bitcoin as a strategic reserve asset for the United States. Even if the US Congress promotes a Bitcoin reserve plan in the future, we expect the rate to be slow and the process to be full of twists and turns, which will have limited impact on the global US dollar reserve currency system.

However, it is expected that cryptocurrency payments will be promoted, especially the use of stablecoins in cross-border payments. Given that the Republican Party has won both houses of Congress and Trump has expressed his opposition to the digital dollar in this election, it is expected that the Federal Reserve will not be able to launch the digital dollar during Trump's term, and the Federal Reserve will still mainly focus on traditional economic indicators, with little impact from cryptocurrencies on its monetary policy.

During the Trump 2.0 era, cryptocurrencies may to some extent amplify the volatility of the US stock market and trigger a redistribution of liquidity between different assets. Cryptocurrencies will occupy a more important position in overseas asset allocation portfolios, and it is expected that US stock-related targets related to cryptocurrencies will also benefit from policy dividends. (Jinshi)