During a discussion on X, influential industry figures, including Bitcoin Magazine CEO David Bailey, analysts Dylan LeClair, and Matthew Pines, made provocative claims stirring significant debate in financial and crypto circles. Bailey, one of Trump’s Bitcoin advisors, asserted that several central banks worldwide are purchasing Bitcoin.

"Central Banks Are Buying Bitcoin"

“David Bailey just claimed — without any evidence in Dylan LeClair’s space with Matthew Pines that central banks are buying Bitcoin,” stated Joe Carlasare, a partner at Amundsen Davis LLC. Bailey highlighted lesser-known countries like Bhutan, Venezuela, and Iran as early adopters.

Related Reading: Saylor Outlines 21 Bitcoin HODL Rules Amid $8 Million Price Prediction

In response to Fred Krueger’s query about which countries besides El Salvador, Bailey mentioned, “Iran, Bhutan, Venezuela, nobody super impressive. The large government buyers are the sovereign wealth funds.” He predicted that more significant central banks would soon follow suit in acquiring BTC.

Mike Alfred, a former tech CEO and founder of a value investment fund, supported Bailey’s claim, citing direct communications with representatives from Bhutan, Burkina Faso, and French Guyana. Alfred shared, “They are. Bhutan confirmed this to me on Tuesday. I have a call with Burkina Faso and French Guyana on Monday. It’s happening, homie.”

Bailey elaborated on Bhutan’s involvement in Bitcoin mining, referencing an article by the Observer Research Foundation. Bhutan's sovereign investment arm, Druk Holding & Investments (DHI), in collaboration with Bitdeer Technologies Group, is expanding its Bitcoin mining operations, aiming to increase capacity to 600 megawatts by mid-2025 from the current 100 megawatts. This is part of a $500 million fund to diversify Bhutan’s economy, heavily reliant on hydropower.

Related Reading: A New Bitcoin Era Just Begun As Nations Vie For Dominance, Says Expert

Bailey also cited a 2020 report from the Iranian Students’ News Agency detailing Iran's strategy to direct domestically mined Bitcoin into state coffers to fund imports, thereby circumventing economic sanctions and stabilizing the national economy.

Will Trump HODL Bitcoin?

Bailey speculated on the potential impact of US adoption of Bitcoin at a governmental level, suggesting that former President Donald Trump might secure a substantial BTC reserve for the US Treasury using a timelock mechanism to protect these assets for future generations. He proposed that Trump could timelock 210,000 Bitcoins for 100 years, making it irreversible by future administrations, and even pardoning Ross Ulbricht, whose Silk Road assets could significantly benefit the US.

At press time, Bitcoin traded at $66,211.