Conor McGregor Proposes Creation of a National Bitcoin Reserve for Ireland

Conor McGregor has proposed the creation of a national Bitcoin reserve for Ireland, calling it a move to return financial power to the people. By CoinDesk.

Conor McGregor, the former UFC champion who launched his independent bid for the Irish presidency in March, has proposed the creation of a national Bitcoin reserve for the country.

Announcing the idea on X, previously known as Twitter, McGregor said it was time to return financial power to the people and that he would be hosting a major X Spaces to discuss the plan further with key figures in the crypto community.

"A national Bitcoin reserve for the people of Ireland. This is a move to return financial power to the people and not keep it in the hands of the few," McGregor wrote, sharing a graphic of the proposal.

"It’s time to get back to the core values of crypto - decentralisation and putting the power back into the hands of the people. We will be discussing this in a major X Spaces with main Bitcoiners to help shape this plan."

The idea comes as the Bitcoin market experiences a sharp upswing, with the cryptocurrency recently surging to over $104,000.

McGregor invited crypto influencers Anthony Pompliano and David Bailey to join the discussion, and responded to their involvement with "let's go."

However, the path towards a national Bitcoin reserve for Ireland appears to be an uphill battle.

To date, the European country has never explored a sovereign cryptocurrency strategy, and implementing such a large-scale initiative could face significant political and regulatory hurdles.

McGregor’s campaign has also faced setbacks, including the collapse of his blockchain venture REAL, which was forced to refund investors after failing to meet its funding goal.

The Irish Mirror reports that the former UFC champion is currently involved in several legal challenges, including an appeal against a civil assault conviction and pending cases related to alleged offences in Dublin.

Bitcoin, meanwhile, is trading above the $103,000 mark after reaching a peak of $104,765. However, there are signs of slowing momentum, with RSI and MACD indicators suggesting reduced buying pressure.

A move below the $103,000 support could open the door for further price declines. Conversely, sustained trading above $104,000 might propel Bitcoin towards the next resistance at $108,000.

Traders will be monitoring these key price levels and technical indicators closely for insights into the next leg of Bitcoin’s price trend.