UFC superstar Conor McGregor supported the idea of Ireland’s Bitcoin Strategic Reserve, sparking new debates about the country’s financial future and the role of digital assets in its national policy.
McGregor wrote:
“The code of its origin was established to empower people. Ireland’s Bitcoin Strategic Reserve empowers people’s money. I’ll co-host a Twitter space to talk about what I want to change. Winning over Ireland!”
By casting his substantial weight behind such policies, McGregor usually brings a conversation to help crypto enthusiasts and policymakers become mainstream. By framing Bitcoin as a way to empower ordinary Irish citizens, he elevates the topic to the wider public. His announcement from the Twitter space continues the conversation and shows that it could impact decision makers at a critical time in digital asset adoption in Europe.
What is a Strategic Bitcoin Reserve? And how can Ireland benefit?
The concept of a strategic Bitcoin reserve is not new, but it is primarily controversial and has not been tested among established economies. In this context, a strategic reserve refers to a government or institution that intentionally holds Bitcoin as part of the national reserve, along with traditional assets such as gold and foreign currency.
Advocates argue that with the fixed supply, neutrality and decentralization of Bitcoin, it is an ideal hedge against inflation and a tool for diversifying national portfolios. They also point to its global liquidity and its long-term growth potential as a digital asset in the digital age.
Ireland is not the first country to consider such a move. El Salvador created the headline in 2021 as the first country to adopt Bitcoin as its fiat currency and add it to its national reserves. Other countries have begun to explore the idea.
The Czech National Bank is considering holding Bitcoin as a reserve asset, and the Swiss National Bank recently explored the idea, but rejected volatility concerns. Russia has announced plans to diversify its reserves with Bitcoin by 2028, aiming to reduce its dependence on the US dollar. Meanwhile, Polish presidential candidate Swarmil Menzen proposed a strategic Bitcoin reserve to turn the country into a crypto hub.
Although the US does not have a Federal Reserve yet, Sen. Cynthia Ramis, newly appointed chairman of the Senate Banking Subcommittee on Digital Assets, continues to advance in the region, with several states introducing proposals to explore Bitcoin reserves.
Conor McGregor’s involvement could be a game-changer for Ireland’s debate. As one of Ireland’s most well-known global figures, McGregor has a track record of using his platform to advocate for causes he believes, from athlete rights to business innovation. His interest in Ireland’s Bitcoin Strategic Reserve could capture the imagination of the public and pressure policymakers to consider such a move.