McGregor Advocates for Ireland's Bitcoin Reserve, Crypto Community Enthusiastic

Conor McGregor, the renowned MMA star, has publicly advocated for Ireland to establish a strategic Bitcoin reserve. McGregor, known for his extensive reach beyond the MMA scene, has leveraged his influence to promote this idea, with over 10 million followers on X. In a recent post, McGregor emphasized that Bitcoin was originally created to empower the people and reduce dependence on a small elite. He highlighted that an Irish Bitcoin strategic reserve would give power back to the people's money and announced plans to co-host a Twitter space to discuss the changes he wants to see.

The crypto community has responded enthusiastically to McGregor's advocacy. However, it remains uncertain whether the Irish government will act on his proposal. While a strategy paper outlining the benefits of a Bitcoin reserve for Ireland was published in 2024, no concrete steps have been taken towards implementation.

Strategic Bitcoin reserves are gaining traction globally. In the United States, several states have already established their own Bitcoin reserves, and at the federal level, a strategic Bitcoin reserve was approved under President Donald Trump, initially planned to be budget-neutral. Changpeng Zhao, the founder of Binance, is reportedly advising several nations on implementing similar programs. He has also warned that the European Union is largely missing out on this trend, as it remains skeptical of cryptocurrencies and favors overregulation.

Bitcoin's potential for significant growth is further highlighted by the increasing institutional investment. The 2021 Bitcoin bull run was primarily driven by retail investors, but in the past year, institutional investors have pushed the price to new heights. If state capital begins to flow into the market, even greater price increases could be possible. Changpeng Zhao believes that Bitcoin could reach a price target between 500,000 and 1,000,000 dollars during this bull run, provided more nations adopt it as a strategic asset. Michael Saylor also predicts that the Bitcoin price could reach 13 million dollars in 20 years, indicating a strong upward trajectory for the cryptocurrency.