A rush that has lasted for a good week. But can we give all the credit for this to Donald Trump? This is not necessarily the case, given that the craze has been around for some time, according to Raoul Ullens, co-founder of Brussels Blockchain Week and cryptocurrency consultant. “Although Trump played a catalytic role, there was already significant momentum. The signals have been favorable for quite some time, with an increase in institutional adoptions. We saw this with ETFs on the BlackRock side, which launched funds allowing investors to more easily access cryptocurrencies, such as bitcoin, via traditional financial products, but also more recently large banks such as UBS which actually created a tokenization fund.
What can Trump do?
If the future Republican president is not the only cause of this craze for cryptocurrencies, his victory has nevertheless given it a boost. But behind the speeches, what are its margins of maneuver to keep its promise? “There are different levers he can pull. It could create a favorable, clear regulatory and fiscal environment”first comments the expert, before adding : “There is this creation of a reserve among Donald Trump’s ideas. We are still talking about 210,000 bitcoins, the equivalent of a little more than 17 billion dollars with today’s values. C This is a big signal sent to the world. It was El Salvador who launched this type of reserve until now as well as other small countries. But now it is still the world leader by one point. economic view which would take this position.”
“It’s the paradox. Those who voted for Donald Trump will be the first victims of his economic policies”
In addition to these two elements, Raoul Ullens adds the use that Donald Trump could make with stablecoins, this type of cryptocurrency which seeks to maintain a stable value by backing their market value to an external reference. “This is a very important point since it could start using stablecoins in international transactions. This would obviously also be a big signal in relation to this technology, and its adoption within the global financial system.”
A limit on the price of bitcoin?
By increasing its value by more than $15,000 in a few days, bitcoin does not seem to be stopping its momentum. Can it reach the symbolic bar of $100,000 in value? Difficult to say according to the expert who considers that even if the trend is favorable, many factors can change the situation.
But if that happens, how high could the price of bitcoin go? Wouldn’t there be a limit to its expansion? For Raoul Ullens, an element that could disrupt its development would above all concern hacking. “There are indeed elements that could disrupt the adoption of bitcoin. If the blockchain suffered a technical fault, which has never happened since its creation, it would be a major event. Likewise, a 51% attack ‘, where one group would control more than half of the network and could manipulate transactions, could have serious consequences. A war or major conflict could also disrupt the infrastructure necessary for bitcoin to function. “A regulatory push that would stifle bitcoin is likely, given the positioning of the United States and other major world powers.”
And the European Union in all this? And Belgium?
If Donald Trump keeps his promise to make the United States a “crypto capital of the world”the question that European leaders will have to ask themselves will be regarding their positioning on this type of currency. For Raoul Ullens, this is a call to start something in Europe. “It’s time we wake up”, launches the expert directly. “The United States gave us time in recent years because they had not created a favorable climate. They haven’t created a particularly more interesting place than Europe. But that will change. And so what does that mean? This means that great companies risk relocating, or that if we don’t move, the United States will create all the champions of tomorrow, as they did with the internet. And then we, Europeans, risk be left with the crumbs”
“If the USA does not want Belgium to take off its F-35s, they will remain grounded. This must be understood”
According to him, Europe would do well to question itself on the subject. First of all, there is the question of creating a European reserve. An idea launched in particular by German MP Joana Cotar a few days after the election of Donald Trump. But also to create a favorable environment for the mining of cryptocurrencies, “by providing more clarity in relation to new regulations, particularly at the Belgian level. We must make companies want to develop their activities in Belgium and in Europe.”
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