Summary:
Ki Young Ju doubts the U.S. will adopt the Bitcoin Standard soon.
The push for Bitcoin mirrors the gold standard debates of the late 1990s.
Historically, gold prices surge during economic crises in the U.S.
Ju believes Bitcoin is filling an ideological void left by gold.
Adoption of Bitcoin may only happen in response to significant threats to U.S. economic dominance.
U.Today - Ki Young Ju, the founder and CEO of the CryptoQuant on-chain analytics firm, has expressed skepticism about the likelihood of the U.S. adopting the Bitcoin Standard anytime soon. He shared his insights on social media, explaining the historical context and current economic factors that could influence such a decision.
The Dilemma of the Bitcoin Standard for the U.S.
Ju pointed out that the push for a Bitcoin Standard echoes the late 1990s when gold proponents, like Peter Schiff, advocated for a return to the gold standard during economic turmoil. Historically, gold prices have surged whenever the U.S. faced perceived threats to its global economic dominance.
A similar sentiment is emerging today, with Bitcoin enthusiasts advocating for its adoption as a strategic asset. Ju commented, "Now, Bitcoin seems to be filling the ideological space once occupied by gold."
Despite his support for adopting the Bitcoin Standard, Ju remains doubtful. He argues that the U.S. would only consider Bitcoin as a significant asset in response to a major threat to its economic standing. While the government may start accumulating Bitcoin for risk management or economic leverage, the motivations could differ vastly from those anticipated by the Bitcoin community.
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