As Bitcoin continues to face volatility and hovers around the $90K mark, Bitcoin’s ardent advocates doubled down on their bullish stance at the Bitcoin Mena conference in Abu Dhabi. In a panel discussion on “The Role of Bitcoin in Portfolios of Nation States,” the panellist highlighted how Bitcoin has transitioned from a niche asset to a consideration for strategic national reserves and macroeconomic policy for many countries.
The discussion began with Pakistan’s crypto council chief Bilal Bin Saqib stating that the country will be utilizing its surplus energy for Bitcoin mining. The country has established a government-led strategic Bitcoin reserve and has allocated 2,000 megawatts of surplus energy, for mining. “We are kicking off with the first team for that announcement, which will happen very soon,” he said.
Speaking of how 30% of Pakistan’s population already uses Bitcoin, Saqib said that the initiatives undertaken by his government will monetise excess energy into “digital gold”. He emphasised that steps need to be taken to incentivise companies that want to get into this space. “Rome wasn’t built in a day, but they were laying bricks every single hour, “he added giving us a sneak peak into what Pakistan’s long-term vision for Bitcoin is.
Your completely free resource hub designed to boost your knowledge of cryptocurrencies
Abdulla Al Dhaheri from the Blockchain Centre in Abu Dhabi, spoke of how regulatory clarity acted as a catalyst for Bitcoin adoption in the UAE. The UAE boasts the world’s highest crypto adoption rate, thanks to frameworks established since 2017 that foster innovation without stifling it. “We have clarity before mass adoption. That was an advantage,” he said.
Prince Filip of Serbia Criticizes the IMF for Hindering Bitcoin Adoption
Challenges were also candidly addressed by some of the panellists. Prince Philip Karadjordjevic of Serbia, a prominent Bitcoin advocate and CSO at JAN3 pointed out the resistance from traditional forces and the need for education that can change mindsets towards crypto. “We’ve come across a situation, we’ve spoken to some nation states, and a few weeks later, the IMF has spoken to them,” he said.
He told Coin Medium that organisations like the IMF were involved in stifling growth in the Global South. “Their model involves lending money to poor countries around the world and then attempting to control them.” And we want to stop that.” He views Bitcoin as an “exit” from fiat inflation.
Emphasising mining’s environmental benefits, he said, “People often say Bitcoin mining is bad for the environment because it uses up a lot of energy. Yes, it does use up a lot of energy, but they only stop it there. Actually, that can incentivise Bitcoin miners to search out where energy is the cheapest.” He was of the opinion that it will be countries from the Global South and the Middle East who will take the lead in Bitcoin’s mass adoption.
The panellist concluded that with better regulatory clarity, education, and infrastructure, nation-states would be better equipped to meaningfully incorporate Bitcoin into national portfolios.
