Trump's Cryptocurrency Aide David Bailey Predicts Nation-State Bitcoin Adoption Explosion
- Susan SarandonOriginal
- 2024-11-04 01:28:12737browse
David Bailey, CEO of BTC. Inc media group and cryptocurrency aide of former president and current Republican candidate Donald Trump, believes we are on the verge of a big bitcoin adoption event by nation-states.
David Bailey, former cryptocurrency aide to ex-President Trump and CEO of BTC Inc., has predicted that a major bitcoin adoption movement by one or a few nation-states is just months away. Bailey believes that the next step will be for these countries to establish bitcoin reserves.
According to Bailey, these movements are currently happening in the background, with several unidentified nations experimenting with mining programs. Without disclosing its sources, Bailey highlighted that “most developing nations have funded a domestic mining program as a test,” with early movers shifting to large-scale projects in this domain.
Furthermore, Bailey believes that the next step for these countries is establishing a bitcoin-based reserve in several ways, such as a strategic stockpile, central bank purchases, or sovereign wealth funds. While several countries have already established a bitcoin reserve, such as El Salvador, which purchases 1 bitcoin daily, and Bhutan, which has mined its holdings, this practice is still uncommon among large nations.
Bailey stated on social media, “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).”
However, not many organizations are actively engaged in efforts to encourage nation-states to adopt a national bitcoin strategy. One of these institutions is JAN3, which has engaged with state leaders to present the benefits of including bitcoin as part of their reserves.
Samson Mow, CEO of JAN3, has previously warned about covert operations from traditional finance institutions to slow this adoption from emerging states. According to Mow, institutions like the World Bank and the International Money Fund (IMF) need “to keep the Global South in check.”
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