According to industry insiders, the Central Banks of Bhutan, Venezuela, and Iran have reportedly begun acquiring Bitcoin. This news has sparked speculation that larger, more influential central banks will soon follow suit.
During a discussion with Fred Krueger, it was revealed that Bhutan, Venezuela, and Iran are actively involved in acquiring Bitcoin. CEO of Bitcoin Magazine, David Bailey, took to Twitter to express his optimism that major central banks would also join in the Bitcoin acquisition trend in the near future.
David Bailey highlighted that it is not just countries like Iran, Bhutan, and Venezuela that are acquiring Bitcoin, but also sovereign wealth funds. He predicted that large 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 had direct communication with officials from Bhutan, Burkina Faso, and French Guyana regarding their Bitcoin acquisitions. He mentioned that Bhutan had confirmed their involvement and that Burkina Faso and French Guyana were also in talks to acquire Bitcoin.
Bailey further elaborated on Bhutan’s Bitcoin expansion efforts, noting that the country’s sovereign investment arm, Druk Holding & Investments (DHI), is collaborating with Bitdeer Technologies Group to significantly increase its Bitcoin mining operations. This initiative aims to boost Bhutan’s mining capacity to 600 megawatts by mid-2025, with a $500 million fund allocated for this project to diversify Bhutan’s economy beyond hydropower.
In a speculative scenario, Bailey suggested that former President Donald Trump could potentially secure a substantial Bitcoin reserve for the US Treasury using a timelock mechanism to hedge against financial instabilities. He also mentioned the possibility of Trump securing Bitcoin from the Silk Road stash, locking it for future generations, and pardoning its creator, Ross Ulbricht. Bailey believes that Trump is aware of the potential impact this move could have on the global financial landscape.
Despite market fluctuations, Bitcoin (BTC) is currently trading at $65,439.32, experiencing a 1.30% decrease in the past day and a 4.06% decrease over the past week. This stability in price has led to increased interest in Bitcoin and its potential as a valuable asset.