The head of CryptoQuant wrote in X that he personally supports the idea of launching a Bitcoin reserve. However, it is doubtful that the United States, whose economy will continue to grow while other countries stagnate, will accept Bitcoin as a reserve asset. To do this, the United States must see that its international economic dominance is truly under threat. Now market sentiment indicates the opposite – the United States is confident in its economic superiority.
Ki Young Joo explained: Throughout history, whenever the United States has felt its dominance in the global economy is threatened, gold prices have risen. Back in the late 1990s, economist Peter Schiff championed gold as the true form of money, much like today’s Bitcoin maximalists advocate for the cryptocurrency.
Nicknamed “gold bugs,” advocates of investing in the precious metal hoped for a return to the gold standard. However, the US deliberately avoided this, and over the past 50 years the gold standard has become a relic of the past. Now the “ideological space” once occupied by gold is being filled by Bitcoin, wrote Ki Young Joo.
During the election campaign, Donald Trump promised to create a national reserve in bitcoins in order to enlist the support of crypto enthusiasts. Following Trump’s election victory, Bitcoin reached a new all-time high of over $108,300. Ki Young Joo argues that if Trump manages to demonstrate the economic strength of the United States, strengthen the dollar’s supremacy and improve his ratings, it is unclear whether he will maintain the intentions regarding Bitcoin that he stated in the beginning. during his election campaign. He could easily backtrack on what he said about Bitcoin, citing a change in priorities, the CryptoQuant CEO suggested.
“It is unclear whether he intends to follow through on any of his campaign rhetoric about Bitcoin. He mentioned Bitcoin as a strategic asset – was this a genuine move to prepare for the creation of a Bitcoin reserve or just a calculated move to secure votes?” asks Ki Young Joo.
Ohio lawmakers recently introduced a bill to include Bitcoin in a sovereign wealth fund that would give the Ohio Treasury the authority to purchase the cryptocurrency. However, not everyone welcomes the idea of creating a state reserve in Bitcoin with enthusiasm – the editors of Bloomberg called this initiative a scam in the financial and cryptocurrency markets.
Source: Bits
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