A trend of Bitcoin adoption is emerging among developing nations.
Developing countries are investigating the integration of Bitcoin, due to the ever-increasing popularity of the cryptocurrency and its importance to the global financial system.
On November 1, David Bailey, CEO of Bitcoin Magazine, stated that many countries are quietly moving towards Bitcoin adoption.
Developing countries prepare for Bitcoin adoption through government-sponsored mining projects.
Bailey highlighted this “behind the scenes” activity on X (formerly Twitter), pointing out that many developing countries are conducting energy-intensive pilot projects to accept Bitcoin. He mentioned that they are funding local mining projects by moving more than 100 megawatts from pilot projects to gigawatt scale.
According to him, these pilot programs could be a stepping stone to wider Bitcoin adoption by establishing a national bitcoin reserve through central banks or sovereign wealth funds. He pointed out that the discussion about hoarding bitcoins is gaining high acceptance among various countries.
Read more: What is Bitcoin? The ultimate guide to Cryptocurrency
Bailey sees a shift in the timeline for Bitcoin's mainstream adoption. He predicts that multinationals will soon enter the market with huge investments, possibly reaching billions every month.
“The Overton window has changed so dramatically on this topic that I think we're months away from a nation state (or a few) entering the market at a scale (billions of dollars per month),” Bailey said.
Bailey's insights reflect Bitcoin's evolution as a symbol of financial autonomy and one of the world's top-performing assets. In the year Since its launch in 2009 as a decentralized electronic money system in response to the financial crisis, Bitcoin has emerged as a viable solution to the shortcomings of traditional finance and a hedge against currency inflation.
Read more: Crypto Regulation: What are the Pros and Cons?
Additionally, there is growing speculation that countries may use Bitcoin to de-dollarize the global financial system and reduce dependence on the US dollar. Already, the top BRICS countries are exploring how crypto can be used as a medium to settle international trade. Moreover, some BRICS countries – Argentina, Ethiopia and the United Arab Emirates – have already started Bitcoin mining operations using government resources.
Disclaimer
Adhering to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news report aims to provide accurate and up-to-date information. However, readers are advised to independently verify facts and consult with professionals before making any decisions based on this content. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
