Hex Trust CEO Alessio Quaglini has stated that U.S. Bitcoin adoption is set to trigger a global scramble among countries to secure parts of the cryptocurrency’s 21 million supply. Speaking during a CNBC interview, Quaglini noted that Bitcoin’s surge past the $100,000 mark signaled the start of its institutional phase, following technological progress and a retail boom post the establishment of exchanges.
He predicted that mass sovereign demand for BTC would propel it to greater heights, envisioning intense competition among the world’s 195 countries once it gains wider acceptance in the U.S. Trading data reveals that 75% of BTC’s circulating supply is inactive, suggesting long-term holding by current owners. This scarcity could prompt a “fear of missing out” among nations eyeing the $2 trillion crypto asset.
Quaglini’s views are in line with those of industry insiders who think U.S. Bitcoin adoption has reduced reputational risks. Nominations like Paul Atkins for SEC chair and the prospect of a crypto czar in the White House under a Trump 2.0 administration have further boosted BTC optimism. Sovereign governments are increasingly looking at BTC, with moves like Chamber of Deputies member Eros Biondini proposing to allocate 5% of Brazil’s national foreign investment treasury to it. In Russia, President Vladimir Putin described Bitcoin as unstoppable and censorship-resistant, and the country has legalized it as property and standardized mining. Polish presidential candidate Sławomir Mentzen pledged to create a national BTC reserve if elected.
The Bitcoin “gold rush” anticipated by Quaglini may have already started, with over 10 U.S. states advancing BTC reserve laws and Vancouver Mayor Ken Shim submitting a bid to buy BTC with the city’s treasury.
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