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Countries are becoming more serious about Bitcoin and blockchain technology. More and more nations are establishing Bitcoin reserves as a prominent asset to back their currency and secure their foreign reserves.
Countries around the world have already invested in creating Bitcoin reserves and establishing laws suitable for their own national crypto policies. Now, Indonesia, the country with the fourth-largest population, is reportedly considering Bitcoin as a national reserve to boost its economic growth. This initiative, moving away from traditional financial norms, could position the country as a pioneer in the institutional adoption of cryptocurrency.
The market cap and bullish outlook of Bitcoin alone are enough to persuade a large country to pursue economic diversification.
In my opinion, while countries are adopting Bitcoin, it's all leading to them becoming "whales" in the market. Their eventual selling or even a downturn in the market could lead to a significant drop for normal investors.
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