CryptoQuant CEO questions if US will embrace Bitcoin amid dollar dominance concerns Assad Jafri · 4 hours ago · 2 min read
Despite interest in Bitcoin as a hedge, the US remains cautious due to the dollar’s enduring global dominance.
2 min read
Updated: Dec. 30, 2024 at 6:17 pm UTC
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CryptoQuant CEO Ki Young Ju questioned whether the US would need to adopt a Bitcoin standard unless global confidence in the dollar significantly erodes.
His remarks come as conversations intensify about Bitcoin’s (BTC) role in the US financial system, drawing parallels to past debates over the gold standard.
Ki said:
“I support the idea of a Bitcoin standard, but I question whether the US would resort to it unless the dollar’s dominance is truly at risk.”
His skepticism highlights a broader sentiment that while Bitcoin could serve as a hedge against inflation, the current economic environment 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 mitigate national debt and strengthen economic resilience.
However, he acknowledges the challenges, pointing to Bitcoin’s volatility and the complexities of integrating it into the nation’s financial reserves.
The idea of Bitcoin as part of the US economic strategy gained traction after former President-elect Donald Trump pledged 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 garnered wide spread support, has fueled market optimism, contributing to Bitcoin’s record price gains.
Sentiment remains divided
Despite Trump’s enthusiasm, analysts remain divided. While some see Bitcoin as a potential safeguard 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 increasingly favor 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 utility will align more closely with its original design as a peer-to-peer electronic cash system.
He added that whether the US moves toward embracing Bitcoin at a strategic level may depend on future shifts in global economic power and confidence in the dollar’s long-term stability.
