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- Industry voices claim that Bhutan, Venezuela, and Iran’s central banks are acquiring Bitcoin.
- Larger and more influential central banks are expected to follow soon.
Industry voices claim that the Central Banks of Bhutan, Venezuela, and Iran are acquiring Bitcoin. The revelations were made during a conversation with Fred Krueger, where it was noted that those countries are currently involved in Bitcoin acquisition.
In a recent tweet, David Bailey, CEO of Bitcoin Magazine, expressed optimism that larger central banks would soon begin acquiring Bitcoin.
Iran, Bhutan, Venezuela, nobody super impressive. The large gov buyers are the sovereign wealth funds. I do think you're going to see large central banks start taking positions soon
— David Bailey🇵🇷 $0.65mm/btc is the floor (@DavidFBailey) June 15, 2024
Bhutan’s Strategic Bitcoin Expansion
Mike Alfred, a former tech CEO and founder of a value investment fund, corroborated Bailey’s claims, referencing direct communications with officials from Bhutan, Burkina Faso, and French Guyana. Alfred stated,
Bhutan confirmed this to me on Tuesday. I have a call with Burkina Faso and French Guyana on Monday. It’s happening, homie.
Bailey elaborated on Bhutan’s situation, describing it as “pretty wild.” He shared an article from the Observer Research Foundation, highlighting Bhutan’s sovereign investment arm, Druk Holding & Investments (DHI), which is significantly expanding its Bitcoin mining operations in collaboration with Bitdeer Technologies Group.
This initiative aims to boost Bhutan’s mining capacity to 600 megawatts by mid-2025, up from the current 100 megawatts. This expansion, part of a $500 million fund, aims to diversify Bhutan’s economy, heavily reliant on hydropower.
US Bitcoin Adoption Scenario
Bailey speculated that former President Donald Trump might secure a substantial BTC reserve for the US Treasury using a timelock mechanism, hedging against financial instabilities and elevating Bitcoin to reserve status. He suggested Trump timelock the 210,000 Bitcoin held by the USA for 100 years, making the decision irreversible.
Bailey also envisioned Trump securing Bitcoin from the Silk Road stash, locking it for future generations, and pardoning its creator, Ross Ulbricht. He concluded that Trump is aware of this possibility, which could significantly alter the global financial landscape.
As of this writing, in line with CNF’s prediction on Bitcoin and its price stability despite market fluctuations, Bitcoin (BTC) trades at $65,439.32, with a decrease of 1.30% in the past day and 4.06% over the past week.
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