Discussions are ongoing in the U.S. regarding the establishment of a strategic Bitcoin reserve. Ki Young Ju, co-founder and CEO of CryptoQuant, offers his perspective, drawing parallels to past steps towards the gold standard.
Similarity to the Gold Standard
According to Ki Young Ju, calls for a strategic reserve for Bitcoin are reminiscent of gold advocates’ positions in the 1990s. During that era, gold supporters similarly urged its use as national reserves. However, Ju highlights that despite the allure of a gold standard, the U.S. has consistently found ways to avoid such a shift. Today, the discussions on Bitcoin reserves are at a different phase compared to those of the gold standard.
Establishing a Bitcoin Reserve and Countries’ Attitudes
Countries like the U.S., Bhutan, and El Salvador are pursuing efforts to create a strategic Bitcoin reserve. Conversely, some nations, such as Japan, are not open to this idea. Japan prioritizes maintaining economic stability and rejects the consideration of Bitcoin as part of national reserves. Proponents of a Bitcoin reserve argue it could create a significant capital network and help resolve rising debt issues.
Private Companies Buying Bitcoin
Private companies are also continuing to purchase Bitcoin. Firms like MicroStrategy, MARA Holdings, Metaplanet, and RIOT Platforms have been acquiring Bitcoin regularly in recent months. Metaplanet recently purchased 619.7 Bitcoin, valued at approximately 9.5 billion yen, bringing its total to 1,761.98 BTC. These developments significantly contribute to ongoing discussions surrounding the strategic Bitcoin reserve.
The discussion of a strategic Bitcoin reserve continues, drawing attention from various countries and companies evaluating the possibilities and risks of this approach. The different opinions and actions of stakeholders highlight Bitcoin’s significance in modern economic debates.
