Reports from industry insiders suggest that the Central Banks of Bhutan, Venezuela, and Iran are delving into the world of Bitcoin, with larger central banks expected to follow suit in the near future.
During a discussion with Fred Krueger, it was revealed that Bhutan, Venezuela, and Iran are currently involved in acquiring Bitcoin, a move that has caught the attention of the cryptocurrency community. David Bailey, CEO of Bitcoin Magazine, took to Twitter to express his optimism about the potential involvement of larger central banks in acquiring Bitcoin.
According to Mike Alfred, a former tech CEO and founder of a value investment fund, officials from Bhutan, Burkina Faso, and French Guyana have confirmed their interest in Bitcoin. Alfred mentioned that Bhutan has already confirmed their Bitcoin acquisition plans and is actively expanding its Bitcoin mining operations in collaboration with Bitdeer Technologies Group.
The expansion of Bhutan’s mining capacity to 600 megawatts by mid-2025, funded by a $500 million initiative, aims to diversify the country’s economy, which heavily relies on hydropower. This move is seen as a significant step towards embracing the potential of Bitcoin in the global financial landscape.
In a bold prediction, Bailey speculated that former US President Donald Trump could potentially secure a substantial Bitcoin reserve for the US Treasury as a hedge against financial instabilities. He suggested that Trump could use a timelock mechanism to secure the Bitcoin holdings of the USA, making the decision irreversible for the next 100 years.
Despite market fluctuations, Bitcoin is currently trading at $65,439.32, showing a slight decrease of 1.30% in the past day and 4.06% over the past week. This stability in price has further solidified Bitcoin’s position as a valuable asset in the digital currency market.