Ever since US President-elect Donald Trump raised the possibility of creating a strategic bitcoin reserve in the United States, many proponents have pushed for a cryptocurrency repository, saying it would position the country as a leader in the global cryptocurrency landscape. converts
However, not everyone in the crypto community is convinced of the feasibility of storing digital currency.
CryptoQuant CEO Ki Young Ju is pessimistic about the company's prospects Bitcoin The strategic reserve will get approval from the future government.
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Bitcoin storage is questionable
Young Joe is not convinced that he was offered Bitcoin storage He would go on to say that Trump is unlikely to use a crypto strategy to protect the dominance of the US dollar, as the dollar remains a safe-haven currency.
Throughout history, whenever the United States perceived a threat to its dominance of the world economy, the price of gold rose and debates about the gold standard came into focus.
In the late 1990s, Peter Schiff advocated gold as a true form of money, much like today's…
— Ki Young Ju (@ki_young_ju) December 28, 2024
The CEO of CryptoQuant thinks that the policies of the new administration are very much influenced by the apparent strength of the US economy and the superiority of the US currency in international trade.
Yang Ju said that if there is a threat to the economic hegemony of the United States, gold, bitcoin or any other valuable asset will experience a price increase.
The US economy continues to dominate
Yang Ju argued that there is no threat to American dominance because many investors still trust the US economy or the US economy. US dollar.
I personally support the idea of #Bitcoin Standard. However, I question whether the US, as it continues to grow as other economies stagnate, has embraced Bitcoin as a strategic asset.
The cryptocurrency executive believes that the debate over Bitcoin reserves will only gain serious momentum if the country's global economic dominance is “genuinely threatened,” adding: “Currently, market sentiment points to confidence in the continued dominance of the United States.”
According to government data, the United States processed 37.8 percent of the world's Bitcoin in 2022, making it the leader in cryptocurrency mining.
The position of crypto can change
Yang Ju said it's possible that Trump's stance on bitcoin could change unexpectedly depending on the broader political landscape.
If Trump succeeds in demonstrating US economic resilience, strengthening the dollar's dominance and increasing his popularity, it is unclear whether he will retain power. Pro-bitcoin stance He showed it during his campaign.” he explained in a post.
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The CEO of CryptoQuant suggested that it is likely that Trump will back off his support for Bitcoin, suggesting that it may signal a shift in priorities without alienating his voter base.
At the BTC conference, was the mention of Bitcoin as a strategic asset a real step towards preparing for a Bitcoin standard or just a calculated move to secure votes? he said
For the cryptocurrency executive, it's not yet certain which of Trump's “campaign rhetoric about Bitcoin” will come true.
Featured image from Pexels, chart from TradingView
