In his blog post, Ireland ought to have a reserve of Bitcoin in a strategic reserve. He did not specify where the funding would originate or how much it would cost. He just said that a reserve would put power back into the hands of common citizens. He further mentioned that “crypto in its origin was founded to give power back to the people.” That phrase resonates with the very premise of Bitcoin and decentralization.
Crypto in it’s origin was founded to give power back to the people.
An Irish Bitcoin strategic reserve will give power to the people’s money.
I will be cohosting a Twitter space to talk about what I want to see changed.
Ireland is required to conduct its next presidential election by November 11, 2025, when President Michael D. Higgins’ term ends. Any initiative to establish a Bitcoin reserve would require support from lawmakers and the central bank. Ireland is a member of the European Union, so its monetary policy is connected to the euro. A candidate from a small party who is independent has slim chances of getting a coalition for this notion.
Additionally, McGregor is contesting a civil court decision that ruled him guilty of sexual assault. He’s also been investigated on charges of hate speech before. These factors may damage his credibility with the voters.
McGregor says he will reveal more about his X Spaces session in due course. He hasn’t specified a date yet. It’s unknown how many experts will accept his offer. Governments that have established Bitcoin reserves are the US, El Salvador and Bhutan, but those actions came from the highest government authorities.
A grassroots initiative by one candidate would be unique in Ireland. Voters will decide if they want a fighter-turned-politician handling complex financial policy. For now, McGregor’s plan remains at the idea stage, waiting to be tested in the political arena.
Featured image from Getty Images, chart from TradingView
