David Bailey, CEO of Bitcoin Magazine and organizer of the Bitcoin Conference, has predicted that nation-state adoption of Bitcoin is imminent, with investments potentially reaching billions of dollars in the near future. Billy, a prominent figure in the Bitcoin community, shared his thoughts on X, highlighting the “undercurrent of nation-state adoption of Bitcoin” happening behind the scenes.
Will nation-states buy Bitcoin soon?
He noted that many developing countries have started domestic mining programs as tests, with early adopters moving 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 domestic mining program as a testbed. First movers are moving from 100+ megawatt pilot projects to gigawatt-sized projects,” Bailey said.
According to him, the next stage involves creating national reserves of Bitcoin, either through strategic reserves, central banks or sovereign wealth funds. He explained, “The next will be… the creation of a national reserve for Bitcoin, either through a strategic reserve, or through the central bank, or through sovereign wealth funds.” Many countries are discussing. The Overton Window has changed very dramatically on this topic, and I believe we are only months away from a nation-state (or a few) entering the market in terms of volume (billions of dollars each month).”
Establishing a national reserve of Bitcoin either through a strategic reserve, or through the central bank, or through sovereign wealth funds. Many countries are discussing. The Overton Window has changed dramatically on this subject, and I believe we are only months away from a nation-state (or…
– David Bailey🇵🇷 $0.65/btc is the floor (@DavidFBailey) November 1, 2024
Bailey’s credibility stems from his extensive involvement in shaping pro-bitcoin and cryptocurrency policies at senior levels of government. As an insider, he played a key role in advising Donald Trump’s 2024 presidential campaign on Bitcoin-related policies.
His efforts include calling for the release of Ross Ulbricht, founder of Silk Road, and proposing to create a national Bitcoin stockpile using Bitcoin confiscated by law enforcement agencies. Additionally, Bailey organized a presidential roundtable focused on domestic Bitcoin mining, which led to then-President Trump saying he “wants to mine every last bit of Bitcoin” in the United States.
Over the weekend, Bailey highlighted the collective efforts made in the US presidential election and support for Donald Trump. “People have worked for 15 years to get Bitcoin to this point. Much has been sacrificed. Much has been 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, one 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 across the US, Europe, and the Middle East and North Africa (MENA) region. The inaugural MENA conference is scheduled for December 9-10, where Bailey will be held Shown World leaders from the Middle East will meet to discuss Bitcoin as a strategic asset and envision a “globally sound monetary system.” He also noted that “the adoption of sovereign Bitcoin in the Middle East and North Africa region will be one of the distinctive events of this era.”
At press time, Bitcoin was trading at $69,117.
Featured image created with DALL.E, a chart from TradingView.com
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