As a researcher with a background in finance and cryptocurrencies, I find the claims made by David Bailey and other industry voices regarding central banks buying Bitcoin quite intriguing. This is an area of active discussion within both financial and crypto circles, and it’s essential to approach these assertions with a critical mindset.
As a researcher delving into the latest developments in the crypto sphere, I’ve come across an intriguing discussion in a prominent platform like Bitcoin Magazine. Notable figures such as CEO David Bailey, along with analysts Dylan LeClair and Matthew Pines, have made assertions that are generating significant buzz within financial and digital currency circles. In particular, Bailey, who holds a key advisory role for Trump on Bitcoin matters, has courageously stated that several central banks worldwide are covertly acquiring Bitcoin.
Central Banks Are Buying Bitcoin
David Bailey made an assertion on platform X, contradicting Dylan LeClair and Matthew Pines’ space, that central banks are purchasing Bitcoin without providing proof. In a subsequent post, Bailey highlighted Bhutan, Venezuela, and Iran as potential early adopters among lesser-known global central banks in the adoption of Bitcoin.
Fred Krueger shared some additional countries, apart from El Salvador, where significant purchases of Bitcoin have been made: Iran, Bhutan, and Venezuela. He emphasized that these nations’ moves were not particularly impressive in terms of influence or size. However, he anticipated that more prominent central banks would follow suit and acquire Bitcoin holdings soon. In simpler terms, Krueger mentioned Iran, Bhutan, and Venezuela as countries, besides El Salvador, that have bought Bitcoin. He considered their actions insignificant compared to what larger governments might do in the future. Central banks are expected to start buying Bitcoin soon.
As a researcher, I can confirm Bailey’s statement based on my own communications with representatives from Bhutan, Burkina Faso, and French Guyana.
As a researcher studying Bhutan’s economic landscape, I came across an intriguing development. Bhutan, known for its tranquil and unique culture, has taken an unexpected turn towards Bitcoin mining. The Druk Holding & Investments (DHI), the country’s sovereign investment arm, in partnership with Bitdeer Technologies Group, a Nasdaq-listed company, is expanding their Bitcoin mining operations on a significant scale. This revelation adds an interesting layer to Bhutan’s economy and its commitment to technological advancement.
As a researcher studying Bhutan’s energy sector, I’ve discovered that our nation aims to significantly boost its mining capacity from the current 100 megawatts to an impressive 600 megawatts by the first half of 2025. This ambitious expansion is made possible through a substantial $500 million fund. The rationale behind this initiative stems from our economic dependence on hydropower, and the imperative need to diversify our economy.
Bailey cited a report from the Iranian Students’ News Agency published in October 2020, which explained Iran’s approach to regulating Bitcoin. The document described how the Iranian authorities aimed to channel Bitcoin mined domestically into government funds. This move is part of a more extensive scheme to utilize these resources for financing imports and alleviating economic pressures, offering an innovative method to bypass financial restrictions and support the country’s economic requirements.
Will Trump HODL Bitcoin?
In his discourse, Bailey explored the potential theoretical consequences of the US government adopting Bitcoin. He proposed a hypothetical situation in which former President Trump amassed a significant Bitcoin stash in the US Treasury, utilizing a timelock feature to safeguard these assets for future generations.
According to Bailey’s perspective, this could serve as a protective measure against vulnerabilities in the conventional financial system and even promote Bitcoin as a valuable reserve asset. At the very least, Trump is recommended to securely store the 210,000 Bitcoins currently owned by the US for the next century. Once locked away, these coins would be untouchable, ensuring that no future administration could reverse this decision.
The background to this tale is as captivating as a Hollywood blockbuster. Consider the backstory. Coins believed to have originated from the Silk Road are in question. Ross Ulbricht allegedly transferred 1% of the Bitcoin supply to America. Trump decided to preserve it for future generations, and granted Ulbricht a pardon. The Silk Road may end up saving America. I can’t even imagine such a storyline! Bailey shared that Trump is “in the know” about this potential game-changer that could reshape global dynamics.
At press time, BTC traded at $66,211.
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2024-06-17 14:57