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How nations are preparing for a Bitcoin future

'Bitcoin doesn’t equal decentralization,' Khullar warns, as nations move toward state-level crypto adoption models

Bo JablonskiProfile
By Bo JablonskiMay. 7th - 11am
5 min read
From left, Khushboo Khullar, Abdulaziz Kanoo, Preston Pysh, Siddarth Bharwani, and Gregg Davis, on the Bitcoin Oasis panel in Dubai
From left, Khushboo Khullar, Abdulaziz Kanoo, Preston Pysh, Siddarth Bharwani, and Gregg Davis

Countries in the Gulf and beyond are no longer just watching Bitcoin – they’re preparing to act. Whether through energy partnerships, mining infrastructure, or strategic accumulation, a financial realignment may already be underway.

That was the key takeaway at a recent panel discussion at Bitcoin Oasis in Dubai, moderated by Gregg Davis, where a diverse group of experts – including Preston Pysh, Khushboo Khullar, Siddarth Bharwani, and Abdulaziz Kanoo – examined Bitcoin’s role in the shifting architecture of national wealth.

The event explored how Bitcoin is moving beyond its early reputation as a speculative asset, emerging instead as a potential pillar of national economic policy. The speakers offered distinct but overlapping visions of how governments might incorporate Bitcoin into long-term financial strategies.

Bitcoin as a store of value for nations

Preston Pysh, known for his economic commentary and focus on sound money principles, put the issue plainly: “You have a massive store of value problem here in the Middle East that has to be solved,” he said. Oil-exporting countries still receive payment in fiat – currencies that are increasingly prone to inflation and geopolitical manipulation.

Historically, these nations have relied on U.S. dollars and long-term treasuries to hold value. But with rising inflation and declining trust in the global financial system, some may be turning to Bitcoin as a new kind of reserve asset.

“There’s a gold rush happening, and it’s a Bitcoin rush,” Pysh said. “I would be trying to do this as quietly as possible.” His message: smart governments are already accumulating Bitcoin – just without broadcasting it.

That strategy may already be in motion. Moderator Davis asked, “Do you think that Gulf countries should... maybe we already know that they will be quietly accumulating?” The implication wasn’t speculative – it was suggestive of something already underway.

While none of the panelists named specific state actions, several agreed that Bitcoin accumulation at the sovereign level is likely happening behind the scenes.

Energy infrastructure and mining strategy

Bitcoin mining executive Khushboo Khullar says more than 60% of mining now uses renewable energy sources. Photo: Unsplash / Nicholas Doherty

Khushboo Khullar, a Bitcoin mining executive and energy strategist, introduced another angle to the discussion: the convergence of national energy strategy and Bitcoin mining. “Energy companies are the Bitcoin companies,” she said. In regions rich in energy resources, Bitcoin mining could offer a way to convert surplus energy into long-term digital reserves.

She also emphasized the urgency of proactive engagement: “We need to be an early mover, and I would definitely follow what U.S. is doing.” In her view, energy-rich nations have a window of opportunity to establish themselves as mining hubs before competition intensifies.

Part of that opportunity lies in sustainability. Khullar noted that more than 60% of Bitcoin mining is now powered by renewable sources like hydro, solar, or geothermal – challenging the perception that mining is inherently environmentally damaging.

Pysh reinforced the energy focus from a strategic angle: “If you can't find very cheap energy, well, don't mine Bitcoin.”

Picking up on that theme, Davis shifted the discussion to broader infrastructure incentives: “How do you think that Bitcoin mining can incentivize renewable infrastructure?” The panel’s consensus suggested that rather than being at odds with sustainability, Bitcoin could help drive investment into renewables.

Gold, treasuries – and now Bitcoin?

For Siddarth Bharwani, Joint Managing Director of Jetking Infotrain and an early corporate Bitcoin adopter, the parallel between Bitcoin and gold isn’t just metaphorical. “I draw the parallels from gold and pretty much see that all the utility was structured around gold back in the day,” he said.

He explained how his company approaches Bitcoin as a long-term store of value: “The idea was to keep it long term. We knew it was a store of value.” His firm’s model emphasizes holding rather than trading: “The idea is to keep holding it for the long term and have operational businesses around it.”

Bharwani also noted the importance of public education to accompany institutional adoption: “We were looking to see if we can do an education program around it.”

His remarks suggested that mass literacy, operational integration, and asset accumulation are all needed for a truly national approach to Bitcoin.

Centralization risks and sovereign control

As the conversation turned to potential risks, Davis raised a critical question: could mass Bitcoin accumulation by corporations or nation-states threaten its core design?

“Bitcoin is this decentralized, hardest money humanity has ever created,” he said. “If we have massive companies accumulating and countries accumulating, is that just like a new form of centralization? Are we just putting too much power in the hands of a few?”

Kanoo acknowledged the concern but expressed confidence in the system’s resilience. “I think decentralization is multiplying,” he said. “Eventually, when they get to a scale where they start to accumulate really large holdings in Bitcoin, they would gravitate more towards self storage.”

He argued that even with rising adoption, it’s unlikely any single country would be able to dominate or control the Bitcoin network.

Kanoo also pointed to evolving regulation as a stabilizing force: “They've created regulations, but then almost every crypto company in the world is now also very secure.” He added that “they've done quasi government partnerships with a number of private companies to take advantage.”

What comes next for state-level adoption

While no one on the panel predicted immediate national rollouts, the mood was clear: countries are actively exploring how Bitcoin fits into their long-term financial planning.

Bharwani summed up his approach as one of patience and integration: “The idea is to keep holding it for the long term and have operational businesses around it.”

Pysh advocated for a more tactical mindset: “How can you accumulate as much physical Bitcoin as possible and do it in a [selfish] kind of way?”

The panel suggested that governments may follow the playbook of public companies that have added Bitcoin to their treasuries – gradually, discreetly, and with long-term intent.

And while the timeline for overt national adoption remains uncertain, Khullar’s remark captured the current momentum: “We want to mine for the next 10 years.”

The panel didn’t debate if governments would embrace Bitcoin – only how quietly and how soon.

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