David Bailey, CEO of Bitcoin Magazine and organizer of the Bitcoin Conference, has projected that nation-state adoption of BTC is imminent, with investments potentially reaching billions of dollars in the near future. Bailey, a prominent figure in the BTC community, shared his insights on X, highlighting an “undercurrent of Bitcoin nation state adoption” occurring behind the scenes.
Will Nation-States Buy Bitcoin Soon?
He noted that many developing nations have initiated domestic mining programs as tests, with early adopters moving from pilots of over 100 megawatts to projects in the gigawatt range. “At this point, seems like most developing nations have funded a domestic mining program as a test. Early movers are transitioning from 100+ MW pilots to GW scale projects,” Bailey stated.
According to him, the next phase involves establishing national BTC reserves, either through strategic stockpiles, central banks, or sovereign wealth funds. He explained, “Next will be… Establishing a national Bitcoin reserve either through a strategic stockpile, via the central bank, or via sovereign wealth funds. Many countries discussing. 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).”
Establishing a national Bitcoin reserve either through a strategic stockpile, via the central bank, or via sovereign wealth funds. Many countries discussing. The Overton window has shifted so dramatically on this topic, I think we’re just months away from a nation state (or a…
— David Bailey🇵🇷 $0.65mm/btc is the floor (@DavidFBailey) November 1, 2024
Bailey’s credibility stems from his extensive involvement in shaping pro-BTC and crypto policies at high governmental levels. As an insider, 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 stockpile using BTC confiscated by law enforcement agencies. Additionally, Bailey organized a presidential roundtable focused on domestic BTC mining, which led to then-President Trump saying he “want all remaining Bitcoin” mined in the US.
Over the weekend, Bailey underscored 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. So much has been sacrificed. So much lost along the way. Blood, sweat, and tears. On Tuesday we can accelerate Bitcoin adoption by a decade. We can Free Ross. Respect the effort it took to get here by voting. 1 day of effort to change the course of history.”
In addition to his policy influence, Bailey maintains robust international connections through his role in organizing Bitcoin Conferences across 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 indicated that global leaders from the Middle East will gather to discuss BTC as a strategic asset and envision a “globally sound monetary system.” He further remarked that “sovereign BTC adoption in the MENA region will be one of the defining events of this epoch.”
At press time, BTC traded at $69,117.
Featured image created with DALL.E, chart from TradingView.com
Source: https://bitcoinist.com/nation-state-buy-bitcoin-worth-billions-soon/