The price of Bitcoin has risen by 20% to surpass $80,000 per Bitcoin, boosted by speculation that a nation-state may be quietly accumulating Bitcoin, as well as rising expectations for US President-elect Donald Trump’s pro-Bitcoin policies.
Bitcoin Surpasses $80,000 Amid Rumors of Secretive Nation-State Adoption and US Strategic Reserve Plans
Rumors are circulating that an unnamed country has been quietly purchasing Bitcoin, possibly making it one of the five largest national holders of the digital asset.
David Bailey, CEO of Bitcoin Inc., publisher of Bitcoin Magazine, and a Bitcoin strategy advisor to the Trump campaign, hinted at the speculation by posting on social media that “there is at least one nation-state actively purchasing Bitcoin.”
Bailey also noted that the country could soon make a public statement about its Bitcoin holdings.
The largest national Bitcoin holders currently include the United States and China, each holding close to 200,000 BTC, largely through confiscated assets.
Other countries with significant assets include the UK, Ukraine, Bhutan and El Salvador. Ukraine’s Bitcoin was largely obtained through donations after Russia’s 2022 invasion, while Bhutan is experimenting with Bitcoin mining and El Salvador accepted Bitcoin as legal tender in 2021.
US President-elect Donald Trump has previously pledged to make the US a global leader in crypto and proposed the creation of a Bitcoin strategic reserve.
Earlier this year, U.S. Senator Cynthia Lummis introduced a bill called the Bitcoin Act, which proposes purchasing up to 1 million BTC over five years to help manage the national debt. These developments have raised high expectations among Bitcoin investors and enthusiasts.
*This is not investment advice.
