David Bailey, CEO of Bitcoin Magazine and organizer of the Bitcoin conference, predicts 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 her insights on X, highlighting the “foundation for Bitcoin nation state adoption” taking place behind the scenes.
Will nation states buy Bitcoin soon?
He noted that many developing countries have initiated domestic mining programs as a test, and early adopters have moved from pilot projects of over 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 test. Early movers are moving from 100MW+ pilot projects to GW scale projects,” Bailey said.
According to him, the next stage is to create national BTC reserves through strategic reserves, central banks or sovereign wealth funds. He explained: “The next step will be… Establishing a national reserve of Bitcoin through a strategic stockpile, central bank or sovereign wealth funds. Many countries are discussing. The Overton Window has changed so dramatically on this issue that I think we are just a few months away from entering the nation-state market (or several) at scale (billions of dollars every month).
Establish a national Bitcoin reserve through a strategic stockpile, central bank or sovereign wealth funds. Many countries are discussing. The Overton Window has changed so dramatically on this topic that I think we are just a few months away from a nation state (or…
— David Bailey🇵🇷 0.65 mm/btc is imperative (@DavidFBailey) November 1, 2024
Bailey’s credibility comes from his extensive involvement in shaping pro-BTC and cryptocurrency policy at high levels of government. As an insider, he played a key role in advising Donald Trump in the 2024 presidential campaign on BTC-related policies.
His efforts include advocating for the release of Silk Road founder Ross Ulbricht and proposing the creation of a national Bitcoin stockpile using BTC confiscated by law enforcement. Additionally, Bailey organized a presidential roundtable on domestic BTC mining, which resulted in then-President Trump declaring that he “wants all remaining Bitcoin” to be mined in the US.
Over the weekend, Bailey highlighted collaborative efforts related to the US presidential election and support for Donald Trump. “People have worked for 15 years to get Bitcoin to this point. So much has been sacrificed. So many losses along the way. Blood, sweat and tears. On Tuesday, we could accelerate Bitcoin adoption by a decade. We can free Ross. When you vote, please respect the effort you put in to get here. 1 day of effort to change the course of history.”
In addition to his policy influence, Bailey maintains forceful 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 indicated that world leaders from the Middle East will gather to discuss BTC as a strategic asset and envision a “globally healthy monetary system.” He further noted that “the adoption of sovereign BTC in the MENA region will be one of the most important events of this era.”
At the time of publication, the BTC price was $69,117.
Featured image created with DALL.E, chart from TradingView.com
