CryptoQuant CEO Ki Young Ju wondered whether the US should adopt a Bitcoin standard unless global confidence in the dollar erodes significantly.
His comments come as conversations about Bitcoin’s (BTC) role in the US financial system intensify, drawing parallels to previous debates over the gold standard.
Ki said:
“I support the idea of a Bitcoin standard, but I wonder if the US would resort to this unless the dollar’s dominance is really at risk.”
His skepticism highlights a broader sentiment that while Bitcoin could serve as a hedge against inflation, the current economic climate may not necessitate such a shift.
Ki’s position reflects a growing but cautious interest in Bitcoin as a strategic asset. He has proposed that the US accumulate 1 million BTC by 2050 to reduce national debt and strengthen economic resilience.
However, he acknowledges the challenges, pointing out Bitcoin’s volatility and the complexity of integrating it into the country’s financial reserves.
The idea of Bitcoin as part of the US economic strategy gained traction after former President-elect Donald Trump promised to make the country a global leader in crypto while campaigning for the presidential race.
Trump’s proposal to establish a national Bitcoin reserve, which received widespread support, has fueled market optimism and contributed to Bitcoin’s record price increases.
Sentiment remains divided
Despite Trump’s enthusiasm, analysts remain divided. While some see Bitcoin as a potential hedge against inflation, others argue that the dollar’s dominance remains secure as global capital continues to flow into US markets.
Observers have also noted that investors in regions like South Korea are increasingly favoring the dollar over assets like Bitcoin or gold during economic uncertainty.
Ki predicts that Bitcoin will evolve into a mainstream currency by 2030, driven by institutional adoption and reduced volatility. He believes that as Bitcoin stabilizes, its usefulness will become more aligned with its original design as a peer-to-peer electronic cash system.
He added that whether the US will embrace Bitcoin at a strategic level may depend on future shifts in global economic power and confidence in the long-term stability of the dollar.
