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Trump aide predicts nation-states will adopt Bitcoin reserves

Trump aide predicts nation-states will adopt Bitcoin reserves

GrafaGrafa2024/11/04 17:37
By:Mahathir Bayena

David Bailey, CEO of BTC Inc. and cryptocurrency adviser to former President Donald Trump, anticipates an imminent wave of Bitcoin (CRYPTO:BTC) adoption by nation-states. 

According to Bailey, several nations are discreetly testing mining programs as a precursor to larger-scale investments in Bitcoin reserves.

Bailey, who played a role in helping Trump secure $25 million from crypto supporters, recently shared his insights on social media. 

He highlighted, “most developing nations have funded a domestic mining program as a test,” and suggested these early experiments are likely to lead to major projects. 

Bailey foresees that nations will adopt Bitcoin reserves through methods like central bank purchases, strategic stockpiles, or sovereign wealth funds. 

Countries such as El Salvador, which buys one Bitcoin daily, and Bhutan, which mines Bitcoin, have already pioneered this approach, though large-scale national reserves remain rare among prominent countries.

"The Overton window has shifted so dramatically on this topic, I think we’re just months away from a nation-state (or a few) entering the market in size (billions of dollars every month)," Bailey emphasised, expressing confidence that substantial nation-state involvement in Bitcoin markets is on the horizon.

Meanwhile, efforts to promote Bitcoin adoption at the national level have remained limited. 

JAN3, led by CEO Samson Mow, is one of the few entities engaging with government leaders to advocate for Bitcoin reserves. 

Mow has voiced concerns about traditional finance institutions, such as the World Bank and International Monetary Fund (IMF), deliberately hindering Bitcoin adoption in developing nations. 

He argued these institutions aim "to keep the Global South in check."

Bailey's predictions, if realised, could mark a pivotal shift in global Bitcoin adoption, with substantial implications for the cryptocurrency’s role in national financial strategies.

At the time of reporting, the Bitcoin (BTC) price was $68,925.03.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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