Developing nations are increasingly exploring Bitcoin integration, driven by the increasing popularity and importance of the cryptocurrency to the global financial system.

On November 1, David Bailey, CEO of Bitcoin Magazine, revealed that several countries are quietly advancing towards Bitcoin adoption.

Developing Nations Prepare for Bitcoin Adoption Through State-Funded Mining Projects

Bailey highlighted this “behind-the-scenes” movement on X (formerly Twitter), where he pointed out that many developing countries are conducting energy-intensive pilot projects to adopt Bitcoin. He mentioned that these nations are funding domestic mining initiatives, transitioning from pilot projects exceeding 100 megawatts to larger efforts reaching gigawatt scales.

According to him, these pilot programs could be a stepping stone for wider Bitcoin adoption, potentially leading to the establishment of national Bitcoin reserves through central banks or sovereign wealth funds. He pointed out that discussions about stockpiling Bitcoin are gaining traction among various countries.

Read more: What Is Bitcoin? A Guide to the Original Cryptocurrency

Bailey also observed a shift in the timeline for Bitcoin’s mainstream adoption. He predicted that nation-states might soon enter the market with substantial investments, possibly reaching billions monthly.

“The Overton window has shifted so dramatically on this topic, I think we’re just months away from a nation state (or a few) entering the market in size (billions of dollars every month),” Bailey

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Author: Oluwapelumi Adejumo