The US president wants to support stablecoins <\/strong>rather than issue a digital dollar<\/strong> and plans to create a strategic bitcoin reserve. His plan raises questions about the Federal Reserve’s independence. Normalization or malaise? It’s too soon to interpret anything from Bitcoin’s failure to set a new record<\/strong> since Donald Trump took office on January 20. The world’s best-known cryptocurrency topped $109,000<\/strong> for the first time a few hours before the inauguration ceremony, but it has since retreated. On Thursday, January 30, it was trading at just over $105,000 (\u20ac101,180).<\/p> The new occupant of the White House, who promised during the presidential campaign to make the US the „world capital“ of cryptocurrency<\/strong>, was quick to take action, signing an executive order on January 23, titled „strengthening American leadership in digital financial technology.“<\/p> The text aims to facilitate citizens‘ and private companies‘ access to the blockchain, the technology that serves as the backbone of crypto, while „promoting and protecting the sovereignty of the United States dollar.“ There was no question, however, of the US creating a central bank digital currency (CBDC)<\/strong>, a cryptocurrency to be issued by the Federal Reserve (Fed). CBDCs are being studied by most of the world’s major central banks, but the Trump administration believes they could compromise „the stability of the financial system, individual privacy, and the sovereignty of the United States.“<\/p>
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