Trump's Cryptocurrency Aide: A Nation-State Will Enter the Bitcoin Market 'in Size'
November 03, 2024David Bailey, one of former President Trump’s cryptocurrency aides and CEO of BTC Inc., predicted that we are just months away from a significant bitcoin adoption movement by one or a few nation-states. Bailey believes that the next step is to establish bitcoin reserves.
David Bailey, CEO of BTC. Inc media group and cryptocurrency aide of former president and current Republican candidate Donald Trump, believes we are on the verge of a big bitcoin adoption event by nation-states.
Bailey, who helped Trump raise $25 million from crypto whales, recently stated on social media that these movements were currently happening in the background, with several unidentified nations experimenting with mining programs. Without disclosing its sources, Bailey stressed that “most developing nations have funded a domestic mining program as a test,” with early movers transitioning to gigantic projects in this area.
Read more: Trump Has Raised $25M From Crypto Industry and Bitcoin Whales
Furthermore, Bailey believes that the next step for these countries is establishing a bitcoin-based reserve in several ways, including a strategic stockpile, central bank purchases, or sovereign wealth funds. While several countries have already established a bitcoin reserve, including El Salvador, which purchases 1 bitcoin daily, and Bhutan, which has produced them through mining activities, this practice is still uncommon among large nations.
Bailey stressed:
The Overton window has shifted so dramatically on this topic, I think we’re just months away from a nation-state (or a few) entering the market in size (billions of dollars every month).
Nonetheless, not many organizations have devoted their activities to incentivizing nation-states to develop a national bitcoin strategy. JAN3 is one of these institutions that has met with state chiefs to explain the benefits of including bitcoin as part of their reserves.
Samson Mow, CEO of JAN3, previously warned about covert operations from traditional finance institutions to slow this adoption from emerging states. Mow stated that institutions like the World Bank and the International Money Fund (IMF) needed “to keep the Global South in check.”