David Bailey, CEO of Bitcoin Magazine and organizer of the Bitcoin Summit, stated that national acceptance of BTC is imminent, with investments likely to reach billions of dollars in the near future. Bailey, a prominent figure in the BTC community, shared his insights on X, highlighting the “subversive nature of the Bitcoin world’s discovery” that takes place behind the scenes.
Will Nation-States Buy Bitcoin Soon?
He noted that many developing countries have started domestic mining programs as experiments, with receivers moving from pilots of more than 100 megawatts to projects in the gigawatt range. “Currently, it seems that many developing countries have financed the domestic mining program as an experiment. “Early movers are transitioning from 100+ MW pilots to GW scale projects,” said Bailey.
According to him, the next phase includes the establishment of national BTC reserves, either through stock strategies, central banks, or private wealth funds. He explained, “The next thing will be… Establishing a national Bitcoin repository through a number of strategies, through a central bank, or through private wealth funds. Many countries are talking. The Overton window has changed a lot on this topic, I think it’s only a few months before the country (or a few) enter the market in size (billions of dollars every month).”
Establishing a national Bitcoin reserve through a stock pool, a central bank, or private equity funds. Many countries are talking. The Overton window has changed a lot in this article, I think we are still a few months away in the country (or…
— David Bailey🇵🇷 $0.65mm/btc down (@DavidFBailey) November 1, 2024
Bailey’s credibility stems from his extensive involvement in shaping pro-BTC and crypto policies at the highest levels of government. As an insider, he played a key role in advising Donald Trump’s 2024 presidential campaign on BTC-related policies.
His efforts include promoting the release of Ross Ulbricht, the founder of the Silk Road, and proposing the creation of a national Bitcoin pool using BTC seized by law enforcement agencies. Additionally, Bailey organized a presidential roundtable focused on domestic BTC mining, which led to then-President Trump saying he “wants every remaining Bitcoin” mined in the US.
Over the weekend, Bailey emphasized the united efforts towards the US presidential election and the support of Donald Trump. “People have worked for 15 years to get Bitcoin to this point. A lot has been given. Much was lost along the way. Blood, sweat, and tears. On Tuesday we could accelerate the adoption of Bitcoin by ten years. We can free Ross. Respect the effort it took to get here by voting. 1 day to try to change history.”
In addition to his policy influence, Bailey maintains strong international connections through his role in organizing Bitcoin Conferences across the Americas, Europe, and the Middle East and North Africa (MENA). The first MENA summit is scheduled for December 9-10, where Bailey revealed that global leaders from the Middle East will gather to discuss BTC as a strategic asset and envision a “globally efficient financial system.” He also noted that “BTC’s independent discovery in the MENA region will be one of the defining events of this era.”
At press time, BTC traded at $69,117.
The featured image was created with DALL.E, a chart from TradingView.com