John D’Agostino, a Senior Advisor to Coinbase, has tipped more European Union (EU) nations to add Bitcoin (BTC) to their treasuries, following the Czech Republic’s lead. Nation-states are increasingly turning their gaze to the largest cryptocurrency, with El Salvador, the US, and Pakistan declaring support for BTC.
EU Nations Will Buy Bitcoin In The Coming Months
The Czech Republic’s decision to purchase BTC has raised eyebrows across Europe, with pundits predicting similar moves across the region. In a recent interview, D’Agostino revealed that it is only a matter of time for more Eurozone countries to include Bitcoin on their balance sheets.
D’Agostino noted that the seamless nature of Czechia’s purchase and its intended use case will be a primary motivator for other countries. Back in November, the Czech Republic announced the purchase of $1 million worth of Bitcoin and other digital assets, including US dollar-denominated stablecoins.
At the time, the country’s central bank noted that the primary aim of the purchase is to “gain experience with digital markets.” Furthermore, the apex bank revealed that the move will provide the technical expertise to custody assets, manage crisis scenarios, and verify AML compliance.
However, the central bank clarified that it will not actively seek to expand its BTC holdings. For D’Agostino, other European nations will be keen on testing their digital asset handling capabilities to avoid playing second fiddle to the Czech Republic.
“That type of thinking is contagious, and I can see more Eurozone countries following suit very shortly,” said D’Agostino.
He noted that the decision of a stable EU country to pivot to BTC is a “significant” step for the broader adoption. D’Agostino compared Czechia’s move with El Salvador’s, noting that the European nation does not intend to use Bitcoin as a speculative tool to revamp its local economy.
Nations Are Showing An Interest In Bitcoin
After several years of watching from the sidelines, several nations are now keen on adding Bitcoin to their treasuries. El Salvador seized the initiative in 2021, elevating Bitcoin to the status of legal tender and launching a Bitcoin Reserve.
Four years on, the US is gearing up for a Strategic Bitcoin Reserve with China, Bhutan, Ukraine, and the UK joining the arms race. Other countries inching toward a warm embrace of Bitcoin include Ireland, Pakistan, Sweden, Kazakhstan, and Indonesia.
Source: https://zycrypto.com/coinbases-john-dagostino-reveals-eu-nations-will-join-czech-republic-to-purchase-bitcoin/
