The rise of bitcoin as an international reserve asset may lead to a new space race between countries. David Bailey, a cryptocurrency policy aide of President-Elect Trump's campaign, believes that the US, China, and a few other countries will compete for supremacy in controlling the prime cryptocurrency. Currently, the US and China are the two bitcoin superpowers, but Bailey suggests that there is room for two or three more countries in this top tier. He also predicts that a second tier of up to 30 countries will emerge, able to hold lower six figures of bitcoin. Bailey urges the US to establish a strategic bitcoin reserve to avoid being overtaken by other nations in this crypto race.



Other News from Today