In a lengthy post on

“Personally, I support the idea of ​​Bitcoin Standard,” Young Joo said. “However, I wonder whether the United States, as it continues to grow as other economies stagnate, will embrace Bitcoin as a strategic asset. For the discussion to gain serious momentum, the United States will have to see that its global economic dominance is seriously threatened. At present, Market sentiment indicates confidence in continued US supremacy.

During his 2024 election campaign, Trump promised to create a national Bitcoin (Bitcoin) reserve to garner support among cryptocurrency enthusiasts. This initiative has received attention, with some analysts suggesting that it could lead to a significant rise in the value of Bitcoin.

In fact, in the weeks following Election Day, Bitcoin has soared receipt The all-time high is over $108,300.

But even before Trump change With its stance on Bitcoin, the United States already stood at the top of the global Bitcoin mining chart, producing approximately 37.8% of the world's Bitcoin hashrate as of 2022, According to To the State Energy Information Administration.

The US dollar also maintains its dominance globally, where it deals 58% of total trade And 59% of total currency reserves.

As such, Young Jo expects the United States to accept a strategic reserve of Bitcoin only if it sees its global dominance threatened. See his full comment below.

Throughout history, whenever the United States perceived a threat to its dominance of the global economy, gold prices rose, and discussions about the gold standard gained more attention.

In the late 1990s, Peter Schiff defended gold as the true form of money, just like gold is today.

- Ki Young Ju (@ki_young_ju) December 28, 2024

Cryptoquant It raised $6.5 million From Atinum Investment in 2023. It is the biggest competitor to companies like Glassnode and Nansen.

Was Trump's Bitcoin Reserve Promise Just a Campaign Speech?

As geopolitical shifts and economic uncertainties continue to impact global markets, a noticeable trend is emerging among Koreans, Young-joo says: They are increasingly turning to the US dollar as a safe haven, outperforming both gold and bitcoin.

This reflects broader global sentiment in favor of the relative stability of the dollar and raises questions about how US economic policies will evolve under Trump's leadership.

Trump has only been an outspoken advocate for cryptocurrencies for less than a year, and was openly skeptical of their potential as a cornerstone of future financial systems when he was last in office.

I'm not a fan of Bitcoin and other cryptocurrencies, which are not money, and whose value is very volatile and dependent on nothing. Unregulated crypto assets can facilitate illegal behavior, including drug trafficking and other illegal activities....

-Donald J. Trump (@realDonaldTrump) July 12, 2019

Young Joe notes that Trump's position on Bitcoin may change again depending on the broader political landscape.

He adds: "If Trump succeeds in demonstrating the resilience of the US economy, strengthening the dollar's supremacy, and boosting his approval ratings, it is unclear whether he will maintain the strong pro-Bitcoin stance he demonstrated during his election campaign." “He could easily walk back his defense of Bitcoin, citing changing priorities, without alienating his voter base.”

For Young Joe and other crypto professionals, the question remains: Was Trump's mention of Bitcoin at the Bitcoin conference a serious move toward a "Bitcoin standard," or was it a "calculated move to secure votes?"

“It's still uncertain how much of his campaign rhetoric on Bitcoin he intends to accomplish,” says Young Joo.