Space X, attended by influential voices from the industry – Bitcoin Magazine CEO David Bailey, alongside analysts Dylan LeClair and Matthew Pines – made claims that are sparking intense discussions in financial and crypto circles. Bailey, who is one of Trump’s closed Bitcoin advisors, boldly stated that many central banks around the world are actively acquiring Bitcoin.
Central banks are buying Bitcoin
“David Bailey just claimed – without any evidence in Dylan LeClair’s space with Matthew Pines – that central banks are buying Bitcoin,” stated Joe Carlasare, partner at Amundsen Davis LLC. In a subsequent post on X, Bailey specifically singled out lesser-known global players such as Bhutan and Venezuela, as well as Iran, as early adopters of the central banking space.
When asked by Fred Krueger about countries apart from El Salvador, he revealed: “Iran, Bhutan, Venezuela, no one impresses. The large government buyers are sovereign wealth funds. He predicted that larger and more influential central banks would soon follow suit and take over BTC. “I really think the big central banks will start taking positions soon.”
Mike Alfred, former technology CEO and founder of a value investment fund, confirmed Bailey’s claim, citing his direct communications with representatives from Bhutan, Burkina Faso and French Guiana. Alfred said, “They are. Bhutan confirmed this to me on Tuesday. I have a phone call with Burkina Faso and French Guiana on Monday. It’s happening, dude.
Commenting specifically on Bhutan, Bailey stated that “the situation in Bhutan is pretty crazy” and shared an article published by the Observer Research Foundation. Bhutan is consciously actively participating in Bitcoin mining. The country’s state-owned investment arm, Druk Holding & Investments (DHI), in cooperation with Nasdaq-listed Bitdeer Technologies Group, has been significantly expanding its Bitcoin mining operations since the latest update.
This strategic initiative aims to escalate Bhutan’s mining capacity to 600 megawatts by the first half of 2025, up from the current 100 megawatts. This expansion is part of a $500 million fund established to support these activities and is driven by the need to diversify Bhutan’s economy, which relies heavily on hydropower.
Bailey also referred to an October 2020 report by the Iran Student Information Agency that detailed Iran’s regulatory strategy for Bitcoin. The report describes how the Iranian government has established regulations directing Bitcoin mined in the country to state coffers. This maneuver is part of a broader plan to apply these assets to finance imports and presents an creative way to circumvent economic sanctions and stabilize domestic economic needs.
Will Trump HODL Bitcoin?
Bailey’s discussion also ventured into the theoretical implications of Bitcoin adoption in the US at the government level. He he swam a scenario in which former President Donald Trump could secure a significant reserve of BTC for the US Treasury, using a time lock mechanism to protect these assets for future generations.
This, Bailey argues, could provide a hedge against the instability of the conventional financial system and potentially elevate Bitcoin to reserve status. “At a minimum, Trump should take the 210,000 Bitcoins already held by the US and time-lock those coins for 100 years. No future administrator will be able to reverse the decision once the time has been blocked.”
The plot may be similar to Hollywood. “Think about an origin story. These coins would come from the Silk Road. Ross Ulbricht donates 1% of Bitcoin supply to America. Trump locks it up for future generations and forgives Ross [Ulbricht]. The Silk Road saves America. I couldn’t come up with this plot,” Bailey said revealed that Trump is “aware” of a possibility that could completely change the world order.
At the time of publication, the BTC price was $66,211.
Featured image created with DALLE, chart from TradingView.com
