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Home»TRADING NEWS»A trend of Bitcoin adoption is emerging in developing countries.
TRADING NEWS

A trend of Bitcoin adoption is emerging in developing countries.

By Crypto FlexsNovember 3, 20243 Mins Read
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A trend of Bitcoin adoption is emerging in developing countries.
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Developing countries are increasingly seeking Bitcoin integration as the cryptocurrency grows in popularity and importance to the global financial system.

On November 1, Bitcoin Magazine CEO David Bailey revealed that several countries are quietly making progress toward Bitcoin adoption.

Developing countries prepare for Bitcoin adoption through state-funded mining projects.

Bailey highlighted this “behind the scenes” movement on X (formerly Twitter), noting that many developing countries are working on energy-intensive pilot projects to adopt Bitcoin. He noted that these countries are funding domestic mining plans and are moving from pilot projects exceeding 100 megawatts to large-scale projects reaching gigawatt scale.

According to him, these pilot programs could be a stepping stone to wider Bitcoin adoption and could potentially lead to the establishment of a national Bitcoin reserve through a central bank or sovereign wealth fund. He noted that discussions about Bitcoin hoarding are gaining traction in various countries.

Read more: What is Bitcoin? A guide to the original cryptocurrency

Countries that own Bitcoin. Source: Bitcoin Treasury

Bailey also observed a shifting timeline for Bitcoin’s mainstream adoption. He predicted that nation-states would soon enter the market with significant investments, reaching billions of dollars each month.

“The Overton window has moved very dramatically on this topic. I think we are only a few months away from a country (or a few of them) getting into the market size (billions of dollars per month),” Bailey said.

Bailey’s insights reflect Bitcoin’s evolution into a symbol of financial autonomy and one of the best-performing assets globally. Since its launch as a decentralized electronic cash system in response to the 2009 financial crisis, Bitcoin has emerged as a viable solution to the shortcomings of traditional finance and a hedge against currency inflation.

Read more: Cryptocurrency regulation: what are the pros and cons?

There is also growing speculation that countries could adopt Bitcoin to de-dollarize the global financial system and reduce dependence on the US dollar. Already, BRICS countries are exploring how leading cryptocurrencies can be used as a medium to settle global transactions. Additionally, some BRICS countries, including Argentina, Ethiopia, and the United Arab Emirates, have already started Bitcoin mining operations using national resources.

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