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The rise of bitcoin as an international reserve asset might ignite a new space race. David Bailey, a cryptocurrency policy aide of President-Elect Trump’s campaign, stated that this new paradigm will pit the U.S., China, and a few other countries in a battle for supremacy.
Trump’s Crypto Aide Announces the Start of a Bitcoin Space Race
Bitcoin’s rise to the international spotlight due to President-Elect Trump’s pro-crypto stance might escalate the number of state nations vying for control of the prime cryptocurrency. This is the opinion of David Bailey, one of the crypto aides of President-Elect Trump’s campaign and CEO of BTC Inc. Bailey speculates that this time, the main rivalry will be between the U.S. and China, with the latter substituting Russia as the main competitor in his predicted space race.
On social media, Bailey stated:
Right now there’s two bitcoin superpowers, USA and China. There’s probably room for 2-3 more and that’s it.
The U.S. is currently the number one bitcoin holder amongst nation-states, holding just under 200,000 BTC in its wallets. China, even with its openly anti-crypto stance, follows the U.S. as the second, with an estimated 190,000 BTC in its coffers. These have been primarily seized from illegal organizations conducting pyramid schemes and criminal organizations leveraging them for illicit purposes.
Bailey explains that there could be room for two or three additional countries in this premium tier of bitcoin holding states, which will presumably keep over 7 figures in BTC. However, in Bailey’s bitcoin-led world, a second tier of up to 30 countries below these will also ascend and will be able to hold low six figures of bitcoin. “The rest will never get past 5 figures of BTC. Bitcoin Space Race is on,” he proclaimed.
Bailey stressed that this analysis was based on math, emphasizing there were just two spots for these tier-one nations. He concluded that waiting would make it impossible for additional states to join this group.
In November, he encouraged U.S. authorities to establish a strategic bitcoin reserve as soon as possible to avoid being front-run by other nations intending to take the same decision.
Read more: Trump’s Crypto Aide: U.S. Should Act Quickly to Incorporate a Strategic Bitcoin Reserve