According to ChainCatcher, Ki Young Ju, founder and CEO of CryptoQuant, stated on the X platform: 'Throughout history, whenever the U.S. feels its dominant position in the global economy is threatened, gold prices soar, and the debate around the gold standard gains attention.'
In the late 1990s, Peter Schiff argued that gold is the true form of currency, just as today's Bitcoin extremists advocate for Bitcoin. These supporters, known as 'gold bugs', wish to restore the gold standard. However, despite a renewed interest during economic crises, the United States has always avoided this shift, instead relying on creative solutions to sustain 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. Personally, I 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 gain significant traction, the U.S. needs to see its global economic dominance truly threatened. Currently, market sentiment suggests confidence in the U.S. maintaining its hegemonic position. While it is conceivable that the U.S. government could purchase Bitcoin for risk management or economic leverage, its motivations may differ significantly from those of Bitcoin holders. The idea of purchasing Bitcoin to prepare for a Bitcoin standard or as a tool to defend the dollar system seems far removed from current realities.
As global capital flows into the United States, many still believe that the dollar's dominance is secure. Even before taking office, Trump constantly warned other world leaders about the power gap between the U.S. and other countries. Such rhetoric, combined with the influx of capital into the dollar, may revive confidence in dollar hegemony. Around me, many South Koreans choose the dollar as a safe haven rather than gold or Bitcoin, especially in light of the depreciation of the won.
If Trump successfully showcases the resilience of the American economy, solidifies the dominance of the dollar, and boosts his approval ratings, it remains to be seen whether he will continue to show strong support for Bitcoin as he has during the campaign. He could easily abandon his advocacy for Bitcoin on the grounds that priorities have changed 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 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 gain votes?
