U.Today – Ki Young Ju, founder and CEO of on-chain analytics company CryptoQuant, took to social media to share his thoughts on the prospects of the United States adopting the standard 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.
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.
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.
This article was originally published on U.Today
