Michael Saylor, founder of MicroStrategy, proposed a plan at the Bitcoin 2024 conference on how developing countries can use bitcoin to solve economic problems.

The strategy is to redistribute its treasury reserves into bitcoin, i.e. use bitcoin's growth potential to repay debt.

Bhutan.

According to Arkham, the Kingdom owns 13,029 BTC, 656 ETH or $780 million in total crypto assets. This is about 26% of the country's GDP. And the thing is that the kingdom did not advertise the fact that it engaged in Mining at the state level.

If Bhutan succeeded, then why can't other countries repeat the success?

Paraguay.

It would seem that Paraguay can easily repeat the success of Bhutan. The uniqueness of this country lies in the river system, which allows using a hydroelectric power plant to produce more electricity than the country can consume.

The surplus is sold cheaply to neighboring countries. Many people say that spending these surpluses on mining is much more profitable than selling too cheaply. But the country's policy does not encourage mining. It is there, but in a gray area. The year 2024 will bring a new attempt to regulate mining and possibly bring future prosperity to the country.

Venezuela.

The country is rich in oil and gas deposits. But the crisis of power has done its job and as a result we see a poor country with big financial problems.

It would seem that the country has abundant reserves of energy sources. But unfortunately, the country has a very outdated energy infrastructure that leads to constant power outages that negate mining.

The country has previously attempted to adopt bitcoin. But the project was quickly curtailed, considering that the percentage of adoption of cryptocurrencies was too small.

El Salvador.

Surprisingly, El Salvador, the first country in the world to accept bitcoin as a legal tender, was unable to realize its mining potential.

Most of the bitcoins were bought with treasury funds. Mining accounts for only a small proportion.
The reason is that mining is carried out at the expense of geothermal energy. But that's not enough.

An alternative could be solar energy. El Salvador is a sunny country and there are a lot of solar power plants in the country, but unfortunately the infrastructure still needs to be developed in order to adapt it for mining cryptocurrencies.
Unfortunately, the adoption of cryptocurrencies in the country among the population remains still low.

Argentina.

Argentina is another candidate to repeat Bhutan's success. Cheap electricity is provided by abundant oil and gas reserves, as well as hydroelectric power plants, solar and wind energy.

The population has a very high level of acceptance of cryptocurrencies against the background of major economic crises in the country.

Despite this, the legal regulation of cryptocurrencies is just beginning in the country, which hinders the development of mining potential in the country. Investors eventually prefer other countries for their mining investments.

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