Developing countries are actively exploring the integration of Bitcoin as the importance and popularity of cryptocurrencies in the global financial system continues to grow.
On November 1, David Bailey, CEO of Bitcoin Magazine, revealed that several countries are quietly moving towards the adoption of Bitcoin.
Developing countries prepare to adopt Bitcoin through state-supported mining projects
Bailey emphasized these "under-the-radar" movements on X (formerly Twitter), noting that many developing countries are undertaking energy-intensive pilot projects. These countries are supporting domestic mining plans and transitioning from megawatt-scale pilot projects to gigawatt-scale larger efforts.
According to him, these pilot programs can serve as a stepping stone for Bitcoin adoption, and can be used to establish national Bitcoin holdings through central bank or sovereign wealth fund financing. He pointed out that discussions about hoarding Bitcoin are actively taking place in several countries.
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Bailey also observed a shift in the timeline of mainstream Bitcoin adoption. He predicted that countries will soon start making large-scale investments in the market, which could amount to billions of dollars per month.
"The Overton window on this topic has shifted dramatically. I think we'll see one or more countries make a major (billions per month) entry into the market in a matter of months," Bailey said.
Bailey's insights reflect how Bitcoin has evolved from a decentralized electronic cash system launched in 2009 to address the shortcomings of traditional finance, serving as a hedge against currency inflation and a symbol of financial autonomy, becoming one of the best-performing assets globally.
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Additionally, there is a growing speculation that countries will adopt Bitcoin to break away from the US dollar dominance and reduce their dependence on the US dollar in the global financial system. Already, BRICS countries are exploring the use of the premier cryptocurrency as a means of global trade settlement, and some BRICS nations, such as Argentina, Ethiopia, and the United Arab Emirates, have already started Bitcoin mining operations using national resources.
