Throughout history, whenever the United States perceived a threat to its dominance in the global economy, gold prices surged, and debates around the gold standard gained traction.
In the late 1990s, Peter Schiff championed gold as the true form of money, much like today’s Bitcoin maximalists advocate for Bitcoin. Dubbed “gold bugs,” these proponents hoped for a return to the gold standard. Yet, despite recurring interest during economic crises, the U.S. consistently avoided such a shift, relying instead on creative solutions to maintain growth. Over the past 50 years, the gold standard has remained a relic of the past. Now, Bitcoin seems to be filling the ideological space once occupied by gold.
I personally support the idea of
#Bitcoin Standard. However, I question whether the U.S., while continuing to grow as other economies stagnate, would adopt Bitcoin as a strategic asset. For the debate to gain serious momentum, the U.S. would need to see its global economic dominance genuinely threatened. At present, market sentiment suggests confidence in the U.S.’s continued supremacy.
While it’s conceivable that the U.S. govt could purchase Bitcoin for risk management or economic leverage, its motivations would likely differ greatly from what Bitcoiners imagine. The notion of buying Bitcoin to prepare for a Bitcoin Standard or as a tool to defend the dollar system seems far removed from the current reality. With global capital flowing into the U.S., many still believe the dollar’s dominance is secure.
Even before his inauguration, Trump consistently warned other world leaders of the power gap between the U.S. and other nations. This rhetoric, combined with increased capital inflows to the dollar, could renew confidence in its supremacy. Around me, many Koreans are choosing U.S. dollars as a safe haven over gold or Bitcoin, particularly as the Korean won weakens.
If Trump succeeds in showcasing U.S. economic resilience, reinforcing the dollar’s supremacy, and boosting his approval ratings, it’s unclear if he would maintain the strong pro-Bitcoin stance he demonstrated during his campaign. He could easily step back from his Bitcoin advocacy, citing changing priorities, without alienating his voter base.
Trump is undeniably a skilled politician capable of strengthening America’s position. However, it remains uncertain how much of his campaign rhetoric on Bitcoin he intends to fulfill. At the BTC Conference, was his mention of Bitcoin as a strategic asset a genuine step toward preparing for a Bitcoin Standard, or merely a calculated move to secure votes?
Correct me if I'm wrong.