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Central Banks Begin Accumulating Bitcoin: Bhutan, Iran, and Venezuela Lead the Charge

Are central banks diversifying their reserves with Bitcoin? Discover how this trend could reshape global finance in our latest in-depth analysis.

Central Banks Are Buying Bitcoin

David Bailey, CEO of Bitcoin Magazine, made waves by claiming that multiple central banks are entering the Bitcoin market. During a discussion with analysts Dylan LeClair and Matthew Pines, Bailey mentioned that countries such as Bhutan, Venezuela, and Iran are already adopting Bitcoin at a governmental level. Joe Carlasare, a partner at Amundsen Davis LLC, highlighted these assertions, underscoring the emergence of these nations as early adopters.

Emerging Players in the Central Banking Sector

In response to a query from Fred Krueger about other countries following El Salvador’s lead, Bailey disclosed that countries including Iran, Bhutan, and Venezuela are involved. He suggested that larger central banks might soon join this trend. His insights were seconded by Mike Alfred, a former tech CEO, who communicated directly with officials from Bhutan, Burkina Faso, and French Guyana. Alfred verified, “Bhutan confirmed their commitment to Bitcoin just this past week.”

Strategic Bitcoin Mining in Bhutan

Bailey brought specific attention to Bhutan’s evolving role in the Bitcoin ecosystem. Through its sovereign investment arm, Druk Holding & Investments (DHI), Bhutan is expanding its mining capabilities in collaboration with Nasdaq-listed Bitdeer Technologies Group. The goal is to elevate mining capacity from 100 megawatts to 600 megawatts by mid-2025, backed by a $500 million fund aimed at diversifying the nation’s hydropower-dependent economy.

Iran’s Bitcoin Regulatory Strategy

Bailey referenced an Iranian news report outlining how Iran directs domestically mined Bitcoin into state accounts. This policy is part of Iran’s broader strategy to circumvent economic sanctions and fund key imports, thereby stabilizing the national economy. The October 2020 report from the Iranian Students’ News Agency highlighted these regulatory measures, stressing how Bitcoin plays a pivotal role in the country’s economic resilience.

Will Trump HODL Bitcoin?

Bailey speculated on the potential for U.S. adoption of Bitcoin under former President Donald Trump. He suggested that Trump might secure a significant Bitcoin reserve for the U.S. Treasury, using a timelock mechanism to preserve these assets for future generations. This could serve as a hedge against financial system instabilities and elevate Bitcoin’s status as a reserve currency.

Bailey stated, “At a minimum, Trump should timelock the 210,000 Bitcoin currently held by the U.S. for 100 years, ensuring no future administration can reverse the decision.” He also proposed a scenario wherein Trump pardons Ross Ulbricht, associating the origin of these Bitcoins with the Silk Road, turning it into a revolutionary narrative that could significantly alter world economic dynamics.


The claims and speculations surrounding central banks and Bitcoin paint a compelling picture of an evolving financial landscape. Whether these assertions hold true or not, the conversations they ignite highlight the growing interest and potential for Bitcoin to play a substantial role in global finance. As central banks consider diversifying their reserves with digital assets, the future could see Bitcoin becoming a cornerstone of national financial strategies.

Source: Cointag