Ki Young Ju, the co-founder, and CEO of the renowned analytical platform CryptoQuant, shared his “hot take” on Bitcoin adoption. He tweeted that CBDC and BTC would coexist, boosting Bitcoin demand in many ways.
Hot Take: CBDC and $BTC will coexist, fueling #Bitcoin demand in many ways. https://t.co/vfohF6X89Y
— Ki Young Ju (@ki_young_ju) June 26, 2023
He also shared an interesting observation, showing a screenshot of Google Trends that illustrated the uptrend in Bitcoin searches. Specifically, he mentioned that Brazilians are searching for ‘gráfico bitcoin agora,’ which translates to ‘Bitcoin charts now’, indicating people’s involvement in the crypto sector.
To support his stance on CBDC and Bitcoin coexistence, he mentioned that the Brazilian Central Bank recently added the crypto exchange Mercado Bitcoin to the CBDC pilot. Illustrating these examples, he asserted that Bitcoin adoption is rising.
In November 2022, Brazil approved a regulatory framework legalizing cryptocurrency as a means of payment in the nation. Under this new bill, the country recognizes Bitcoin as a digital representation of value, allowing it to be used for investments and payments.
This is not the first time Ki Young Ju has expressed his pro-crypto views. Last week, he shared a “pro tip” on how to analyze market moves by observing crypto whales and suggested keeping an eye on low-volume derivative exchanges.
He recommended a few low-liquidity exchanges such as Deribit, ByBit, BitMEX, Huobi, and OKX futures trading platforms. He explained that identifying patterns on exchanges with high trading volumes could be more challenging. Therefore, considering low liquidity platforms allows for more efficient spotting of trading positions held by significant players in the market. Supporting his argument, the CryptoQuant CEO stated that these exchanges provide a clearer picture of individual trading activities, aiding in the analysis of market behavior.
It’s worth mentioning that Ki Young Ju has always been verbal about his opinions on the crypto market in general. He is often seen sharing valuable insights on crypto trends and recent developments.
The coexistence of CBDC and Bitcoin has been a topic of debate among experts. In March, the Bank of England’s (BoE) CBDC lead Katie Fortune expressed a similar view to Ki Young Ju, stating that CBDC would coexist with Bitcoin or asset-backed stablecoins. She elaborated that BoE sees a mixed ecosystem of different forms of money. It would be interesting to observe how CBDC and Bitcoin strike the right balance in the financial system in the years to come.
