In this year's U.S. presidential election, virtual currencies have become one of the focal issues. Trump has transitioned from a critic to a believer, explicitly expressing his desire for "all remaining Bitcoin to be made in the U.S." and meeting with executives of several Bitcoin mining companies, indicating that he would further increase policy support for cryptocurrency mining if elected. Harris has also recently pledged to support a regulatory framework for cryptocurrencies. This statement quickly boosted market optimism, causing Bitcoin to surge to its highest level in two weeks.

The virtual currency with a plethora of gimmicks, is it the darling of the financial market, or a feast where the winner takes all? Trump-themed digital trading cards. A new medium for the United States to maintain its hegemony. Throughout the evolution of Bitcoin, the United States has always played a central role. Whether it's the establishment of Bitcoin exchanges, the introduction of regulatory policies, or the participation of large investment institutions, the United States has been at the forefront. Some views suggest that the United States is attempting to position Bitcoin as a new medium to maintain its global influence, using a new winner-takes-all approach to harvest global wealth.

Affecting the global economy. Currently, the total market capitalization of global virtual currencies has reached . trillion USD, with Bitcoin accounting for . trillion USD. Virtual currencies, represented by Bitcoin, have an impact on global central banks comparable to the Federal Reserve's interest rate hikes. The Trump administration once attempted to enhance Bitcoin's status to attract global capital into the United States, thereby further solidifying the international status of the US dollar. As of now, Bitcoin's price fluctuations are sufficient to have a significant impact on many small economies.

Offsetting the national debt. Currently, the U.S. national debt has surpassed a trillion dollars, a figure far exceeding the country's economic output. How to fill this enormous fiscal black hole has become a pressing issue for the U.S. government. In this year's election, Trump and his supporters have once again proposed using Bitcoin to offset the debt, even considering incorporating Bitcoin into the national strategic reserve. Clearly, their aim is to leverage virtual currencies to attract global capital inflows, thereby destabilizing other nations' economies while ensuring dominance in the global financial system.

On the date, former US President Trump delivered a speech at the Bitcoin Conference. The global financial arena of competition. At the Bitcoin Conference, Trump emphasized that the United States must strive to lead in the global virtual currency field. At the same time, he once again hyped the so-called "China threat," claiming that if the United States does not actively embrace virtual currencies and Bitcoin technology, it could allow China or other countries to seize the initiative and dominate the development of the field, which is a situation the United States does not want to see. Recently, several Bitcoin companies have also stated that they will label each mined Bitcoin block with a "Made in the USA" logo to highlight their localization.

Faced with the United States' proactive deployment in the field of virtual currencies, countries around the world are also unwilling to lag behind, accelerating their steps and regarding this area as a new strategic competition point. Russia: Entering reluctantly, but quickly laying out its strategy. Russia's development of virtual currencies is not an active adaptation to trends, but more of a reluctant choice. Since the outbreak of the Russia-Ukraine conflict, the United States and its Western allies have continuously escalated sanctions against Russia, excluding it from the international financial system, which has posed significant challenges to the Russian economy. Therefore, breaking the hegemony of the dollar has become a steadfast national strategic goal for Russia. In this context, virtual currencies have become an important option for Russia. To advance this process, Russia introduced a law on Bitcoin mining in the year, officially granting legal status to Bitcoin mining activities. At the same time, Russia is actively utilizing its abundant energy resources, mobilizing hydroelectric power capabilities in regions like Siberia, and vigorously promoting the development of Bitcoin mining businesses.

India: Unwilling to lag behind, still undergoing changes. Currently, India is also accelerating the advancement of its national digital currency plan. In a recent month, Indian Finance Minister Nirmala Sitharaman publicly announced that the Reserve Bank of India is working intensively to launch the Indian digital currency—the digital rupee. She proposed that the Reserve Bank of India adopt cutting-edge technologies such as blockchain to issue the digital rupee starting from the fiscal year, promoting the development of the digital economy and enhancing the efficiency of monetary management. However, the Indian government's stance on virtual currencies is still evolving, and a clear policy framework has yet to be established.

Global countries are increasingly viewing the virtual currency sector as a new strategic competition point. Singapore: Early starter, government involvement. Currently, Singapore has become one of the global centers for virtual currency trading and innovation, attracting numerous blockchain and cryptocurrency enterprises. This achievement is largely due to the series of measures taken by the Singapore government. As early as [year], Singapore began to regulate cryptocurrencies, which many other countries' regulatory agencies considered "unregulatable," by enacting relevant laws and regulations. In [year], the Singapore government investment company invested in a fund company focused on Bitcoin and blockchain technology investment. Additionally, the Monetary Authority of Singapore has continuously improved its regulatory framework. These efforts collectively have shaped Singapore into a "safe haven" for virtual currencies. However, with the rapid development of the virtual currency market, Singapore also faces numerous challenges, such as increased regulatory difficulties, severe market volatility, and frequent technical security issues.

New Variables Affecting the International Landscape. In recent years, the turbulence of the international situation and the persistence of local conflicts have led to an increasing number of countries and political entities paying attention to and accepting virtual currencies, a form of currency not controlled by the sovereignty of any specific nation. The seemingly calm virtual currency market has long been disrupted by the competition among countries, becoming a new frontier in the great power game. Whether countries choose to intensify competition by "mining more" or promote cooperation through "joint governance" on the issue of virtual currencies will profoundly influence the evolution of the future international landscape. The global economic landscape in the future will become even more uncertain due to the strategic choices of major powers in virtual currencies.

How will virtual currencies develop? Can they truly transform the global financial order? Will the results of the US election impact the development of virtual currencies? Let's wait and see.