David Bailey, CEO of bitcoin Magazine and organizer of the bitcoin Conference, has projected that btc adoption by nation states is imminent, with investments potentially reaching billions of dollars in the near future. Bailey, a prominent figure in the btc community, shared his thoughts on x, highlighting an “undercurrent of nation-state adoption of bitcoin” happening behind the scenes.
Will Nation-States Buy bitcoin Soon?
He noted that many developing nations have initiated national mining programs on a trial basis, and early adopters have moved from pilot projects of more than 100 megawatts to projects in the gigawatt range. “At this point, it appears that most developing countries have funded a national mining program as a trial. Early adopters are moving from 100+ MW pilot projects to GW scale projects,” Bailey said.
According to him, the next phase involves the establishment of national btc reserves, whether through strategic reserves, central banks or sovereign wealth funds. He explained: “The next thing will be… to establish a national reserve of bitcoin, either through a strategic reserve, through the central bank or sovereign funds. Many countries arguing. The Overton window has changed so dramatically on this issue that I believe we are just a few months away from a nation state (or a few) entering the market in size (billions of dollars each month).”
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Establish a national bitcoin reserve, either through a strategic reserve, through the central bank or through sovereign wealth funds. Many countries arguing. The Overton window has changed so dramatically on this issue that I think we are just a few months away from a nation state (or a…
— David Bailey $0.65 mm/btc is the floor (@DavidFBailey) twitter.com/DavidFBailey/status/1852349683504468274?ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>November 1, 2024
Bailey's credibility comes from his extensive involvement in shaping pro-btc and crypto policies at high government levels. As an expert, he has played a key role in advising Donald Trump's 2024 presidential campaign on btc-related policies.
His efforts include advocating for the release of Ross Ulbricht, founder of Silk Road, and proposing the establishment of a national bitcoin reserve using btc confiscated by law enforcement. Additionally, Bailey hosted a presidential roundtable focused on domestic btc mining, prompting then-President Trump to say that he “wants all remaining bitcoin” to be mined in the United States.
Over the weekend, Bailey highlighted the collective efforts that went into the US presidential election and support for Donald Trump. “People have been working for 15 years to get bitcoin to this point. A lot has been sacrificed. There are so many things lost along the way. Blood, sweat and tears. On Tuesday we will be able to accelerate bitcoin adoption by a decade. We can free Ross. Respect the effort they made to get here by voting. 1 day of effort to change the course of history.”
In addition to his political influence, Bailey maintains strong international connections through his role in organizing bitcoin conferences in the United States, Europe, and the Middle East and North Africa (MENA) region. The inaugural MENA Conference is scheduled for December 9-10, where Bailey x.com/DavidFBailey” target=”_blank” rel=”noopener nofollow”>indicated that world leaders from the Middle East will meet to discuss btc as a strategic asset and envision a “globally sound monetary system.” Furthermore, he commented that “the sovereign adoption of btc in the MENA region will be one of the defining events of this era.”
At the time of publication, btc was trading at $69,117.
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