CoinVoice has recently learned that Ki Young Ju, founder and CEO of CryptoQuant, posted on the X platform stating: 'Throughout history, whenever the U.S. feels its dominance in the global economy is threatened, gold prices soar, and debates around the gold standard gain attention.
In the late 1990s, Peter Schiff advocated that gold is the true form of money, just as today’s Bitcoin extremists promote Bitcoin. These supporters, referred to as 'gold bugs', hope to restore the gold standard. However, despite a rekindled interest during economic crises, the U.S. has consistently avoided such a shift, instead relying on creative solutions to maintain growth. For the past 50 years, the gold standard has been a relic of the past. Now, Bitcoin seems to be filling the ideological space once occupied by gold. I personally support the idea of a Bitcoin standard.
However, I doubt whether the U.S. will continue to grow while other economies stagnate and adopt Bitcoin as a strategic asset. For this debate to make significant progress, the U.S. needs to see its global economic dominance truly threatened. Currently, market sentiment suggests confidence in America's continued hegemony. While it’s conceivable that the U.S. government might purchase Bitcoin for risk management or economic leverage, its motivations may differ significantly from those imagined by Bitcoin holders. The idea of buying Bitcoin in preparation for a Bitcoin standard or as a tool to defend the dollar system seems far removed from current reality.
As global capital flows into the U.S., many still believe in the solid dominance of the dollar. Even before taking office, Trump continuously warned other world leaders about the power gap between the U.S. and other countries. Such rhetoric, coupled with increased capital flowing into the dollar, may revive confidence in dollar hegemony. Around me, many Koreans choose the dollar as a safe haven rather than gold or Bitcoin, especially in the context of the won’s depreciation.
If Trump successfully demonstrates the resilience of the American economy, consolidates the dominance of the dollar, and increases his approval ratings, it remains uncertain whether he will continue to strongly support Bitcoin as he has during the campaign. He could easily abandon his advocacy for Bitcoin, citing a change in priorities, without alienating his voter base. Undeniably, Trump is a skilled politician capable of strengthening America's position.
However, it remains uncertain to what extent he intends to realize his statements about Bitcoin made during the campaign. At the Bitcoin conference, Trump mentioned that Bitcoin is a strategic asset; is this a genuine step towards preparing for a Bitcoin standard, or merely a carefully orchestrated move to secure votes?
