Trump's Cabinet Picks May Boost Cryptocurrency Integration

According to BlockBeats, on November 29, Matrixport released a report highlighting that U.S. President-elect Trump has nominated three key candidates for his cabinet, who are set to lead the Treasury Department, the Department of Commerce, and the Securities and Exchange Commission (SEC). These nominees are generally perceived as being favorable towards cryptocurrencies and recognize the inevitable role of digital assets in the modern financial system. Their appointments are expected to further integrate cryptocurrencies into the U.S. economy. Should these nominations be confirmed, the narrative of Bitcoin as 'digital gold' in 2024 could evolve into a resurgence of decentralized finance (DeFi). Traditional financial systems are anticipated to increasingly incorporate DeFi applications and blockchain technology to enhance payment systems and transaction efficiency. While clear regulations are expected to be established, the digitization of the U.S. financial economy might make cryptocurrency applications the biggest winners of this election. This shift could also compel other countries and regional governments to embrace cryptocurrencies, accelerating their global adoption. Matrixport further noted the growing possibility of establishing strategic Bitcoin reserves. However, the United States may not actively purchase Bitcoin but rather indefinitely retain the Bitcoin it already holds.