The American and Bitcoin standard, here is the big catch, according to U.Today, CEO of CryptoQuant
U.Today – Ki Young Ju, founder and CEO of on-chain analytics firm CryptoQuant, took to social media to share his thoughts on the prospect of the US adopting the Standard in the near future.
He considers this adoption quite unlikely, explaining why it may not happen.
Big problem with Bitcoin Standard for US per Ju
Ki Young Ju published a long read, explaining why he has strong doubts about the adoption of the Bitcoin standard in the US in the near future. Ju recalled the late 1990s, when gold bugs, including Peter Schiff, began advocating a return of the US dollar to the gold standard.
However, Ju said, this happened during the economic crisis. Overall, Ju said, gold has risen, throughout U.S. history, at times when the United States “felt a threat to its dominance in the global economy” and when discussions about the gold standard would begin to gain traction.
A similar thing is happening not with gold, but with Bitcoin as BTC enthusiasts and maximalists are advocating the adoption of the Bitcoin standard. “Bitcoin now seems to be filling the ideological space once occupied by gold,” Ki Young Ju stated.
Ju admitted that he fully supports the idea of the US adopting the Bitcoin standard. However, he doubts that the US would accept Bitcoin as a strategic asset. For this to happen, the country will have to face a significant threat to its global economic dominance.
The US government may indeed start buying Bitcoin and hoarding it for risk management or economic leverage, however, this may be for completely different motives than Bitcoiners think.
