Citic Securities said that in the future, Trump may establish a cryptocurrency advisory committee and consider bitcoin as a strategic reserve asset in the United States. Even if the US Congress advances the bitcoin reserve plan in the future, we expect its rate to be slow and the process will be tortuous, with limited impact on the global dollar reserve currency system. However, it is expected that cryptocurrency payments will be promoted, especially the use of stablecoins in the field of cross-border payments may be more widespread. In light of the Republican victory in the Senate and the House of Representatives and Trump's attack on digital dollars in this election, it is expected that the Federal Reserve will not be able to launch digital dollars during Trump's term. The Federal Reserve will still mainly focus on traditional economic indicators, and cryptocurrencies will have less impact on its monetary policy. During the Trump 2.0 era, cryptocurrencies may amplify the volatility of the US stock market to a certain extent and trigger a redistribution of liquidity among different assets. Cryptocurrencies will occupy a more important position in overseas asset allocation portfolios, and it is expected that cryptocurrency-related targets in US stocks will also benefit from policy dividends. (Jin Ten)