Key Points
- Alessio Quaglini, CEO of Hex Trust, predicts a global race for Bitcoin following its adoption in the U.S.
- Increased U.S. Bitcoin adoption has dispelled reputational risks, leading to a potential surge in sovereign demand.
Alessio Quaglini, CEO of Hex Trust, has made a bold statement regarding the future of Bitcoin.
He believes that a surge in U.S. adoption of the cryptocurrency will spark a global rush to secure portions of Bitcoin’s limited 21 million supply.
Bitcoin’s Institutional Phase
Quaglini’s prediction came during an interview with CNBC, where he stated that Bitcoin’s leap over the $100,000 psychological barrier signaled the beginning of an institutional phase.
This phase follows earlier technological advancements and the retail boom that occurred once exchanges became established.
Quaglini anticipates that mass demand from sovereign nations for Bitcoin will drive the cryptocurrency’s value even higher.
He foresees intense competition among the world’s 195 countries once Bitcoin gains widespread acceptance in the U.S.
Data indicates that 75% of Bitcoin’s circulating supply is currently inactive, suggesting long-term holding strategies by current buyers.
This scarcity could trigger a “fear of missing out” among nations aiming to acquire the $2 trillion crypto asset.
A Global Bitcoin Race
These views align with those of other industry executives and analysts who believe that U.S. Bitcoin adoption has dispelled lingering reputational risks around the cryptocurrency.
News of a crypto czar post in the White House and nominations like Paul Atkins for Securities and Exchange Commission chair have further fueled Bitcoin optimism.
Sovereign governments are increasingly looking towards Bitcoin as strategic reserves are being created.
In Brazil, a proposal has been made to allocate 5% of the national foreign investment treasury to Bitcoin. Meanwhile, in Russia, President Vladimir Putin has described Bitcoin as unstoppable and censorship-resistant.
Polish presidential candidate Sławomir Mentzen has pledged to establish a national Bitcoin reserve, if elected.
Quaglini’s predicted Bitcoin “gold rush” may have already begun, with local jurisdictions potentially joining the race.
In the U.S., over 10 states have advanced towards Bitcoin reserve laws, and in Vancouver, Mayor Ken Shim has submitted a bid to buy Bitcoin with the city’s treasury.