Increasingly, the adoption of Bitcoin is expanding throughout the world. Thus, in recent months companies like Square have announced millionaire investments in cryptocurrency, as a savings mechanism. However, some analysts believe that this trend will not stay in the private sector. Rather, as the investor known as WhalePanda commented in the Tweet of the day, governments will start buying Bitcoin:
Governments buying Bitcoin?
Although at this time the idea of governments acquiring Bitcoin may sound very strange. The truth is that this is a very real possibility for the medium term, according to several crypto market analysts. Especially due to the quality of the cryptocurrency as an asset store of value.
This is what has apparently been happening with several companies that, like Square, rely on Bitcoin to protect the value of their money. And, according to these analysts, the price of BTC does not have a direct correlation with international financial markets. Therefore, the virtual currency would be a perfect savings mechanism to avoid the negative consequences of collapses in the world economy.
Although this thesis is not accepted by everyone in the crypto world. It would be the basis of the belief of many within the cryptocurrency community, that we could soon see governments of various countries acquiring Bitcoin as a reserve currency. Precisely what WhalePanda seems to imply through its Twitter account.
«So which country will be the first to buy Bitcoin to put it on its balance sheet?«.
Thus, WhalePanda is nothing but the expression of the hope of a part of the crypto world. Which is convinced that governments will start buying Bitcoin to escape the inflation of traditional fiat money. A belief that, although it is yet to be proven, seems to be possible if the latest movements of private companies are taken into account, those that have come closer and closer to the crypto market.