TF Securities: AI represents Plan A to maintain the hegemony of the US dollar, and cryptocurrency represents Plan B to hedge against the unchallenged status of the US dollar

A research report released by Tianfeng Securities pointed out that it believes that AI represents Plan A to maintain the hegemony of the US dollar, and cryptocurrency represents Plan B to hedge against the unchallenged status of the US dollar. However, whether it is Bitcoin or AI, energy is a core element that cannot be bypassed. Therefore, the essence of currency is credit, the essence of credit is order, the essence of order is technological competition, and the essence of technological competition is energy efficiency. The report said that Trump was a skeptic of cryptocurrency in the 1.0 period, but in the 2.0 period, he turned into an active advocate of "making the United States the capital of cryptocurrency on the earth". One of the main reasons is that MAGA needs an alternative plan to maintain the hegemony of the US dollar, and Bitcoin has been given a special mission to surpass technological development. In order to get rid of the political fate of stepping down due to stagflation, Trump's 2.0 hopes to improve fiscal efficiency and total factor productivity through AI, but if AI fails to achieve the expected results, deficit monetization will accelerate the process of "de-dollarization". In the past two years, gold has become a favorite of investors as a beneficiary of de-dollarization. However, MAGA cannot tolerate the dollar's monetary hegemony being shaken, so Trump needs an alternative plan to maintain the dollar's position. We believe that this alternative plan must be one that the United States can control and influence. Gold is likely to be out of the options, and cryptocurrencies represented by Bitcoin may still have a chance. But the essence of currency is credit. If there is no credit, then inject credit.