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Bitcoin news

Nation State To Buy Bitcoin Worth ‘Billions Of Dollars’ Soon, Insider Predicts

Jake Simmons
by Jake Simmons
11 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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.

Related Reading: Bitcoin Net Taker Volume Signals Bullish Sentiment – Analyst

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.

Related Reading: Like Nashville Bitcoin Conference, US Elections Will Be A ‘Sell-The-News’ Event: QCP

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.

Bitcoin price
Bitcoin price holds above key support, 1-day chart | Source: BTCUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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