Could a Bitcoin Strategic Reserve Be Coming to Ireland? 

A Bitcoin Strategic Reserve is an idea being touted in the US. Yet forthcoming Presidential Candidate Connor McGregor has announced his intent to introduce one to Ireland should he be elected. We discuss this in the article below.  

This year, UFC legend Conor McGregor announced he would be running for the Irish Presidency in March. One of his first policies has been to announce his backing of a Bitcoin Strategic Reserve, much like the one currently being discussed in the United States. This was made in a post on social platform X, in which he also spoke about its power as a decentralized form of currency and empowerment.  

The Current Bitcoin Climate

McGregor is planning to hold an open discussion on the platform. During this, he will talk with a range of leading figures in the cryptocurrency sphere. These could possibly include Anthony Pompliano and David Bailey, two major figures who have shown a desire to be involved. 

This announcement has come at a time when Bitcoin is beginning its all-time price high. The Bitcoin price today peaked at $105,543 before dropping back down for a slight correction. Hovering around this figure, many are waiting for a test of the $109,588 all-time high experienced last year. It could signal a backlash, and if it drops below $103,000 may fall even further. However, if it breaches this level, it could result in a renewed bull run.  

There have been several reasons for this sudden surge in price, which began at the end of last week and continued over the weekend. The first was a major trade deal announced between the United States and the UK. This also followed possible talks on trade between the US and China. While they did not spark immediate price shifts, they have gradually managed to inch the figures up.  

A result of this has been a slowing in whale activity. Addresses containing between $100,000 and $1 million have slowed since May 9th. Daily trades also slowed, as many people had begun taking their profit.  

McGregor’s Memecoin Ventures

However, not all voices are in favour of the move. Ireland currently has no major legislation regarding a Bitcoin Reserve. Thus, any plan would need regulation and oversight. McGregor is also not the best possible advocate for the use of Cryptocurrency. This is due to his failed blockchain venture, REAL. 

After his successful foray into the whiskey and alcohol markets, McGregor’s next step outside of mixed martial arts was crypto. This was with his memecoin, named “REAL”. He had promised to change the crypto world with this, and owners would have been able to have staking rights and voting rights in its ecosystem.  

Memecoins are cryptocurrencies that are generally associated with internet trends and popular memes. They hold no value other than collectability. In the recent past, they have been highly criticized for many high-profile celebrity endorsements that turned out to be scams. While it failed, this was not one of them.  

To create this, he partnered with Real World Gaming (RWG). They attempted to raise funds for the project, with a goal of $1,008,000. However, during the presale, they only managed to collect $392,315. In this case, all money was refunded.  

Bitcoin Strategic Reserves

While McGregor may say that he changed the UFC game and whisky game, the idea of a Bitcoin Strategic Reserve is nothing new. In fact, the idea of one was first floated by the new administration in the United States, and accounts for some of the new highs in the Bitcoin price.  

A strategic reserve is an asset that is stored for times of need. For example, the United States has strategic reserves of oil. When there have been embargos or prices have become too high, it has released this supply to bring down the cost. At first, it was questioned how a strategic reserve would work, as this is usually made of physical items or commodities. It had never been done with a digital asset before.  

While still in preparation, talks have generally been about using the US crypto reserve as a hedge against financial markets. It is likely to be stocked with cryptocurrency seized from criminal enterprises. While it will mainly centre on Bitcoin, it is also believed that Ethereum, XRP, Litecoin, and Cardano could be included.  

However, this was then followed by an announcement that the US would begin to purchase 1 million BTC over a period of five years. This would be done through the diversification of federal funds.

A further introduction of traditional financial tools, such as this, that utilize cryptocurrency is a long-term step to price increases. As it becomes more institutionally accepted, it seems hard to see how anything but upward trajectories can occur for Bitcoin. For investors, it will pay to keep an eye on short-term macroeconomic trends that may see falls and opportunities to buy.  

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