PakGazette: Ki Young Ju, founder and CEO of on-chain analytics company CryptoQuant, has taken to social media to share his thoughts on the prospects of the US adopting the standard in the near future.
He believes this adoption is quite unlikely, which explains why it might not happen.
Big problem with Bitcoin Standard for US for July
Ki Young Ju posted a long read, explaining why he has strong doubts about the US adopting the Bitcoin standard in the near future. Ju recalled the late 1990s, when gold fans, including Peter Schiff, began advocating for the return of the US dollar to the gold standard.
However, Ju said, that occurred during an economic crisis. In general, Ju said, gold has risen throughout American history, at times when the United States “perceived a threat to its dominance in the global economy” and debates over the gold standard were beginning to gain steam. .
Something similar is happening not with gold but with Bitcoin, as BTC enthusiasts and maximalists advocate for the adoption of the Bitcoin standard. “Now, Bitcoin appears to be filling the ideological space that gold once occupied,” Ki Young Ju said.
Ju admitted that he fully supports the idea of the United States adopting the Bitcoin standard. However, he doubts that the United States will adopt Bitcoin as a strategic asset. For that to happen, the country will have to confront a significant threat to its global economic dominance.
In fact, the US government may start buying Bitcoin and hoard it for risk management or economic leverage; However, it could happen for totally different motivations than what Bitcoiners think.
