David Bailey, CEO of Bitcoin Magazine and organizer of the Bitcoin Conference, has projected that nation-state adoption of BTC is imminent, with investments potentially reaching billions of dollars within the near future. Bailey, a distinguished figure within the BTC community, shared his insights on X, highlighting an “undercurrent of Bitcoin nation state adoption” occurring behind the scenes.

Will Nation-States Buy Bitcoin Soon?

He noted that many developing nations have initiated domestic mining programs as tests, with early adopters moving from pilots of over 100 megawatts to projects within the gigawatt range. “At this point, looks as if most developing nations have funded a domestic mining program as a test. Early movers are transitioning from 100+ MW pilots to GW scale projects,” Bailey stated.

In response to him, the following phase involves establishing national BTC reserves, either through strategic stockpiles, central banks, or sovereign wealth funds. He explained, “Next will likely be… Establishing a national Bitcoin reserve either through a strategic stockpile, via the central bank, or via sovereign wealth funds. Many countries discussing. The Overton window has shifted so dramatically on this topic, I feel we’re just months away from a nation state (or a couple of) entering the market in size (billions of dollars every month).”

Establishing a national Bitcoin reserve either through a strategic stockpile, via the central bank, or via sovereign wealth funds. Many countries discussing. The Overton window has shifted so dramatically on this topic, I feel we’re just months away from a nation state (or a…

— David Bailey🇵🇷 $0.65mm/btc is the ground (@DavidFBailey) November 1, 2024

Bailey’s credibility stems from his extensive involvement in shaping pro-BTC and crypto policies at high governmental levels. As an insider, he has played a key role in advising Donald Trump’s 2024 presidential campaign on BTC-related policies.

His efforts include advocating for the release of Ross Ulbricht, founding father of Silk Road, and proposing the establishment of a national Bitcoin stockpile using BTC confiscated by law enforcement agencies. Moreover, Bailey organized a presidential roundtable focused on domestic BTC mining, which led to then-President Trump saying he “want all remaining Bitcoin” mined within the US.

Over the weekend, Bailey underscored the collective efforts that went into the US presidential election and support for Donald Trump. “People have been working for 15 years to get Bitcoin thus far. A lot has been sacrificed. A lot lost along the way in which. Blood, sweat, and tears. On Tuesday we are able to speed up Bitcoin adoption by a decade. We will Free Ross. Respect the hassle it took to get here by voting. 1 day of effort to vary the course of history.”

Along with his policy influence, Bailey maintains robust international connections through his role in organizing Bitcoin Conferences across the USA, Europe, and the Middle East and North Africa (MENA) region. The inaugural MENA Conference is scheduled for December 9-10, where Bailey indicated that global leaders from the Middle East will gather to debate BTC as a strategic asset and envision a “globally sound monetary system.” He further remarked that “sovereign BTC adoption within the MENA region will likely be one in all the defining events of this epoch.”

At press time, BTC traded at $69,117.

Featured image created with DALL.E, chart from TradingView.com