FameEX Hot Topics | Trump's Crypto Advisor Predicts Major Nation-State Entry into Bitcoin Market
2024-11-04 17:48:35
David Bailey, former cryptocurrency aide to Donald Trump and CEO of BTC Inc., forecasts a major move toward Bitcoin adoption by one or more nation-states within months. Bailey believes that the next step for these countries is to establish Bitcoin reserves. He recently hinted on social media that several nations are quietly experimenting with Bitcoin mining programs to explore digital asset integration.
Bailey shared that “most developing nations have funded a domestic mining program as a test,” adding that early adopters are advancing toward large-scale projects in the space. He emphasized that these activities are happening discreetly, as countries evaluate Bitcoin’s potential as part of their national strategies.
Bailey foresees a range of options for building Bitcoin reserves, including stockpiling, central bank acquisitions, or adding Bitcoin to sovereign wealth funds. While some nations, like El Salvador—which buys one Bitcoin daily—and Bhutan, which produces Bitcoin through mining, have already established reserves, larger countries have yet to follow suit. This next stage, Bailey suggests, could involve nation-states investing billions monthly into Bitcoin.
“The Overton window has shifted so dramatically on this topic,” Bailey noted, “that we’re just months away from seeing one or several nation-states enter the Bitcoin market in a substantial way.”
However, only a few organizations actively encourage countries to adopt Bitcoin as part of their national reserves. JAN3, a company that consults with state leaders about Bitcoin’s benefits, is one such institution. Samson Mow, JAN3’s CEO, previously warned of covert efforts by traditional financial institutions, such as the IMF and World Bank, to slow Bitcoin adoption in emerging economies, aiming to keep these nations within the current financial system. Mow believes that despite these challenges, Bitcoin adoption by nation-states is imminent.
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