According to industry insiders, the central banks of Bhutan, Venezuela, and Iran are currently in the process of acquiring Bitcoin. It is expected that larger and more influential central banks will soon follow suit.
During a recent conversation with Fred Krueger, it was revealed that Bhutan, Venezuela, and Iran have started acquiring Bitcoin. CEO of Bitcoin Magazine, David Bailey, also expressed optimism in a tweet, suggesting that major central banks will soon enter the Bitcoin market.
Mike Alfred, a former tech CEO and founder of a value investment fund, supported Bailey’s claims by stating that he has had direct communication with officials from Bhutan, Burkina Faso, and French Guyana regarding Bitcoin acquisition. He mentioned that Bhutan has confirmed their involvement and that discussions with Burkina Faso and French Guyana are ongoing.
Bailey further elaborated on Bhutan’s Bitcoin expansion strategy, which involves collaborating with Bitdeer Technologies Group to significantly increase their mining capacity to 600 megawatts by mid-2025. This initiative, part of a $500 million fund, aims to diversify Bhutan’s economy, which heavily relies on hydropower.
In terms of the US adoption of Bitcoin, Bailey speculated that former President Donald Trump could potentially secure a substantial BTC reserve for the US Treasury by using a timelock mechanism. This move would help hedge against financial instability and elevate Bitcoin to reserve status. Bailey also suggested that Trump could secure Bitcoin from the Silk Road stash, lock it for future generations, and pardon its creator, Ross Ulbricht.
At the time of writing, Bitcoin (BTC) is trading at $65,439.32, with a decrease of 1.30% in the past day and 4.06% over the past week. Despite market fluctuations, Bitcoin has shown price stability, as predicted by CNF.
