Amid the growing conversation around a strategic Bitcoin reserve in the United States, CryptoQuant co-founder and CEO Ki Young Ju has shared a differing opinion on the prospects. Going down the memory lane, he used the maneuver the US made in dealing with calls for a gold standard to buttress his points. He believes should the US economy continue growing, there might be a shift in Donald Trump’s stance regarding Bitcoin.
Bitcoin Strategic Reserve: The Feasibility
According to Ki Young Ju, economists like like Peter Schiff championed the quest for a return to the gold standard in the 1990s. He compared the advocacy at the time to the clamor by Bitcoin proponents for the strategic reserve as we have today.
While the prospects of a gold standard looked appealing at the time, the CryptoQuant CEO said the US have always devised a means to avoid such shifts. Today, he highlighted how the push for gold standard is now a thing of the past.
Meanwhile, Ki Young Ju is not dismissing the possibility of a Bitcoin purchase by the US, he believes the scope will differ from what advocates envisage.
Throughout history, whenever the United States perceived a threat to its dominance in the global economy, gold prices surged, and debates around the gold standard gained traction.
In the late 1990s, Peter Schiff championed gold as the true form of money, much like today’s…
— Ki Young Ju (@ki_young_ju) December 28, 2024
At the moment, a crypto advisory council is being convened to help guide on the possibilities of this reserve. However, the CryptoQuant CEO said as the US economy matures, the urgency to hedge the US Dollar with Bitcoin might not be there.
Big Bitcoin Bets, Countries Turning Their Backs
Amid the push by countries like the United States, Bhutan and El Salvador for a strategic Bitcoin Reserve, nations like Japan have shown how unreceptive they are to the idea. As reported earlier by Coingape, Japan has rejected the BTC national reserve idea as it plans to focus on building its economy’s stability.
Advocates of the Bitcoin reserve plans suggests it could drive a massive capital network, one that can help resolve mounting debts.
While countries have continued to lag in pushing for the adoption, private and publicly traded firms have started running with the idea. Firms like MicroStrategy, MARA Holdings, Metaplanet and RIOT Platforms have continued to buy Bitcoin at a consistent rate over the past few months.
Of the lastest purchases, Metaplanet bought 619.7 Bitcoin worth ¥9.5 billion, taking its total holdings to 1,761.98 BTC.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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