Donald Trump, the current president-elect of the United States, is famous for his fondness and admiration for Bitcoin. The topic of cryptocurrency has been central to the latest US elections, prompting Trump to acknowledge the domain on a serious note. This development spurred what’s been touted as a pro-crypto phenomenon, ushering in great prospects for the industry in general. However, can this Bitcoin phenomenon impact the prestige of the US dollar?

Also Read: Ripple: AI Predicts XRP Price After SEC Chair Paul Atkins Assumes Role

Can the US Dollar Lose Its Prominence Under a Pro-Bitcoin Regime?

Trump is holistically known as the pro-crypto leader. The president-elect is renowned exclusively for strengthening the Bitcoin industry, giving the sector the fodder and protection it needs to prosper. However, this development also raises certain questions on whether Trump’s consistent adoration for Bitcoin may negatively impact the long-term prestige of the US dollar.

For instance, Trump’s consistent support for Bitcoin may lead to the erosion of the US dollar. This scenario may impact the demand for the US dollar in the long haul, as investors would pivot towards buying BTC instead of the USD. As more people invest in Bitcoin, it may cause the degradation of the dollar’s demand and value, ultimately leading to its demise.

Also Read: Indian Rupee Nosedives to New Lows After Trump Threatens 100% Tariff

Additionally, this narrative could also spur the de-dollarization drives as nations would also pivot towards Bitcoin due to its credible performance and valuation. This could also impact the US dollar demand, prompting nations to ditch it and invest in Bitcoin in order to maximize gains.

Furthermore, Trump recently issued warnings to BRICS nations, adding how he may impose 100% tariffs on nations moving away from the US dollar. Despite the deployment of such measures, Trump’s pro-crypto stance may affect the US dollar’s trajectory, considering the president-elect’s inclination towards BTC.

Trump in 2021 had called BTC a scam, stating how it’s another currency competing against the US dollar. Now that his stance has changed, the prospect of this statement materializing is hovering low in recent times.

BTC Soars Past $100K In The Latest Feat

Bitcoin has recently surpassed the $100K mark, adding a new feather to its growing prestige. The token is aiming to hit another high of $113K in December.

“According to our current Bitcoin price prediction. The price of Bitcoin may rise by 13.39% and reach $ 115,779 by January 4, 2025. Per our technical indicators, the current sentiment is bullish while the Fear & Greed Index is showing 84 (extreme greed). Bitcoin recorded 20/30 (67%) green days with 9.25% price volatility over the last 30 days. Based on the Bitcoin forecast, it’s now a good time to buy Bitcoin.”

Also Read: Shiba Inu: How High Will SHIB Go When Bitcoin Hits $115,000