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Ki Yong-joo, founder and CEO of on-chain analytics company CryptoQuant, shared his thoughts on social media about the prospect of the US adopting Bitcoin standards in the near future.
He believes this adoption is highly unlikely and explains why this won’t happen.
The big problem with US Bitcoin standards
Ki Young Ju published a long read explaining why he has strong doubts about the United States adopting the Bitcoin standard in the near future. Mr. Ju recalled the late 1990s when gold bugs, including Peter Schiff, began pushing for a return to the U.S. dollar gold standard.
But Chu said it happened during an economic crisis. Overall, throughout U.S. history, gold has soared at times when the U.S. “recognized a threat to its dominance in the global economy” and discussions about the gold standard began to gain momentum, Ju said.
Throughout history, whenever the United States perceived a threat to its dominance in the world economy, the price of gold soared and the debate over the gold standard gained momentum.
In the late 1990s, Peter Schiff defended gold as the true form of money, just as he does today.
— Ki Young-ju (@ki_young_ju) December 28, 2024
Something similar is happening with Bitcoin rather than gold, as BTC enthusiasts and maximalists advocate adoption of the Bitcoin standard. “Bitcoin now seems to be filling the ideological space that gold once occupied,” Ki Yong-joo said.
related
Chu acknowledged that he fully supports the idea of the United States adopting the Bitcoin standard. However, he has doubts about the US adopting Bitcoin as a strategic asset. For that to happen, the country will need to face serious threats to its global economic dominance.
While the U.S. government may indeed start buying and accumulating Bitcoin for purposes of risk management and economic leverage, that could happen for very different motivations than Bitcoin enthusiasts think.
