{"id":481008,"date":"2022-01-13T23:00:19","date_gmt":"2022-01-13T23:00:19","guid":{"rendered":"https:\/\/wncen.com\/?p=481008"},"modified":"2024-06-11T07:44:27","modified_gmt":"2024-06-11T07:44:27","slug":"why-sovereign-nation-states-may-begin-acquiring-bitcoin-in-2022","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-sovereign-nation-states-may-begin-acquiring-bitcoin-in-2022\/","title":{"rendered":"Why Sovereign Nation States May Begin Acquiring Bitcoin In 2022"},"content":{"rendered":"

Bitcoin has grown from being \u2018internet money\u2019 used by only a few thousand people during its first few years to being part of the balance sheets of big companies and sovereign states. El Salvador is a case in point for a country that has committed fully to the bitcoin mission, putting millions of dollars into the digital asset as a national reserve.<\/p>\n

While bitcoin is still a long way from being the de facto reserve currency of all countries, its growth points to countries not being able to ignore it for much longer. That\u2019s why it is expected that more nation-states will purchase the cryptocurrency in the next year.<\/p>\n

Fidelity On Why Countries Will Purchase Bitcoin<\/h2>\n

In a recent report published by Fidelity<\/a>, it goes into depth about bitcoin and the role it may play in deciding which countries are the economic leaders of the world. This is because as the asset becomes more widely spread as a reserve currency, the countries who hold bitcoin may see their influence grow higher than those who do not, despite where they might stand today.<\/p>\n

Related Reading |\u00a0Jack Dorsey Launches Bitcoin Defense Fund To Aid Devs Facing Litigation<\/a><\/strong><\/em><\/p>\n

History has always shown that those who are quick to accept innovation and new technology have always ended up faring better compared to those who do not, and that may well be the case with bitcoin and other cryptocurrencies.<\/p>\n

Fidelity also refers to it as a \u201cvery high stakes game theory.\u201d If bitcoin adoption continues to grow, then those who got in earlier will no doubt be better off than the rest. This will push other countries to also acquire the digital asset as \u201cinsurance\u201d so as to not be left behind even if they do not believe in the investment thesis or the adoption of the digital asset.<\/p>\n

Basically, sovereign nation-states would purchase bitcoin sort of as a hedge, in case it does end up being important in the future. \u201cIn other words, a small cost can be paid today as a hedge compared to a potentially much larger cost years in the future.\u201d<\/p>\n

A Total Ban Will Be Difficult<\/h2>\n

Touching on the ban debate that has raged on in the space, the report explained that banning bitcoin outright would be hard to achieve. Although not impossible, it could certainly lead to a significant loss of wealth and opportunity, it added.<\/p>\n

Related Reading |\u00a0Highlighting Risk: These Crypto Coins Carry The Most Leverage<\/a><\/strong><\/em><\/p>\n

There is yet to be an all-encompassing bill passed in regards to cryptocurrencies which provides total regulatory clarity. The infrastructure bill which was passed last year and scheduled to go into effect in 2024 continues to be subjected to numerous amendments, and with such a long time frame till implementation, there is no telling where the bill might end up.<\/p>\n

However, Fidelity noted in its report that a digital asset regulation being passed into law will be a milestone for bitcoin, stating that \u201cwhat we think is most notable is that digital asset regulation becoming law is another milestone as the asset class comes of age and establishes itself.\u201d<\/p>\n

\"Bitcoin<\/p>\n

BTC trending above $43K | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Featured image from Bitcoin News, chart from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has grown from being \u2018internet money\u2019 used by only a few thousand people during its first few years to being part of the balance sheets of big companies and sovereign states. El Salvador is a case in point for a country that has committed fully to the bitcoin mission, putting millions of dollars into the digital asset as a national reserve. While bitcoin is still a long way from being the de facto reserve currency of all countries, its growth points to countries not being able to ignore it for much longer. That\u2019s why it is expected that more nation-states will purchase the cryptocurrency in the next year. Fidelity On Why Countries Will Purchase Bitcoin In a recent report published by Fidelity, it goes into depth about bitcoin and the role it may play in deciding which countries are the economic leaders of the world. This is because as the asset becomes more widely spread as a reserve currency, the countries who hold bitcoin may see their influence grow higher than those who do not, despite where they might stand today. Related Reading |\u00a0Jack Dorsey Launches Bitcoin Defense Fund To Aid Devs Facing Litigation History has always shown that those who are quick to accept innovation and new technology have always ended up faring better compared to those who do not, and that may well be the case with bitcoin and other cryptocurrencies. Fidelity also refers to it as a \u201cvery high stakes game theory.\u201d If bitcoin adoption continues to grow, then those who got in earlier will no doubt be better off than the rest. This will push other countries to also acquire the digital asset as \u201cinsurance\u201d so as to not be left behind even if they do not believe in the investment thesis or the adoption of the digital asset. Basically, sovereign nation-states would purchase bitcoin sort of as a hedge, in case it does end up being important in the future. \u201cIn other words, a small cost can be paid today as a hedge compared to a potentially much larger cost years in the future.\u201d A Total Ban Will Be Difficult Touching on the ban debate that has raged on in the space, the report explained that banning bitcoin outright would be hard to achieve. Although not impossible, it could certainly lead to a significant loss of wealth and opportunity, it added. Related Reading |\u00a0Highlighting Risk: These Crypto Coins Carry The Most Leverage There is yet to be an all-encompassing bill passed in regards to cryptocurrencies which provides total regulatory clarity. The infrastructure bill which was passed last year and scheduled to go into effect in 2024 continues to be subjected to numerous amendments, and with such a long time frame till implementation, there is no telling where the bill might end up. However, Fidelity noted in its report that a digital asset regulation being passed into law will be a milestone for bitcoin, stating that \u201cwhat we think is most notable is that digital asset regulation becoming law is another milestone as the asset class comes of age and establishes itself.\u201d BTC trending above $43K | Source: BTCUSD on TradingView.com Featured image from Bitcoin News, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":481012,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,435,601,1119,2029,85169],"class_list":["post-481008","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-adoption","tag-bitcoin-investment","tag-btc","tag-fidelity","tag-nation-states"],"acf":[],"yoast_head":"\nWhy 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Sovereign Nation States May Begin Acquiring Bitcoin In 2022","url":"http:\/\/wncen.com\/news\/why-sovereign-nation-states-may-begin-acquiring-bitcoin-in-2022\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/why-sovereign-nation-states-may-begin-acquiring-bitcoin-in-2022\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/bitcoin-resever.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/bitcoin-resever.jpeg?fit=1280%2C720"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin adoption","bitcoin investment","btc","fidelity","nation states"],"dateCreated":"2022-01-13T23:00:19Z","datePublished":"2022-01-13T23:00:19Z","dateModified":"2024-06-11T07:44:27Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why Sovereign Nation States May Begin Acquiring Bitcoin In 2022\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-sovereign-nation-states-may-begin-acquiring-bitcoin-in-2022\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-sovereign-nation-states-may-begin-acquiring-bitcoin-in-2022\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/01\\\/bitcoin-resever.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/01\\\/bitcoin-resever.jpeg?fit=1280%2C720\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin adoption\",\"bitcoin investment\",\"btc\",\"fidelity\",\"nation states\"],\"dateCreated\":\"2022-01-13T23:00:19Z\",\"datePublished\":\"2022-01-13T23:00:19Z\",\"dateModified\":\"2024-06-11T07:44:27Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/01\/bitcoin-resever.jpeg?fit=1280%2C720","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/481008","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=481008"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/481008\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/481012"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=481008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=481008"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=481008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}