Main Points:
- Former UFC champion and independent presidential candidate Conor McGregor has called for Ireland to establish a national Bitcoin reserve to “give power back to the people.”
- His proposal has drawn support from prominent Bitcoin advocates such as Max Keiser and is slated for discussion with El Salvador’s President Nayib Bukele at the Bitcoin Sovereign Nation Summit.
- Ireland’s status as an EU member using the euro presents significant regulatory and political hurdles, given ECB and EU oversight.
- Similar initiatives are gaining traction worldwide: Sweden, Brazil, Bhutan, and Russia have all seen proposals or covert activity toward sovereign Bitcoin holdings.
- Critics question feasibility amid Bitcoin’s volatility and potential conflicts with institutions like the IMF and ECB; proponents highlight scarcity and long-term value preservation.
1. McGregor Calls for Bitcoin-Backed National Reserve
On May 9, 2025, Conor McGregor took to X (formerly Twitter) to urge the Irish government to create an “Irish Bitcoin strategic reserve,” arguing that “Crypto in its origin was founded to give power back to the people” and that such a reserve would return monetary control to Irish citizens. The post quickly went viral, garnering over half a million views within hours and sparking debate across social and traditional media.
McGregor, who announced his independent candidacy for the Irish presidency in March 2025, has framed the proposal as an economic empowerment tool, not a bid to replace the euro, but rather to diversify national reserves and hedge against inflation and centralized monetary policy.
2. Irish Strategic Bitcoin Reserve: Vision and Rationale
2.1. Empowering Citizens Through Monetary Diversification
McGregor’s core argument is that by holding Bitcoin—a capped-supply digital asset—within national reserves, Ireland can reduce reliance on fiat currency subject to inflation and central bank discretion. He asserts that “An Irish Bitcoin strategic reserve will give power to the people’s money,” positioning Bitcoin as a decentralized alternative to euro-based reserves.
2.2. Inflation Hedge and Financial Sovereignty
Advocates note Bitcoin’s 21-million-coin limit and decentralized validation mechanism as features that could shield national reserves from currency devaluation. McGregor claims this would serve as a practical cushion against ECB-driven monetary expansions that may erode purchasing power over time. Long-term holders often point to Bitcoin’s historical price appreciation as evidence of its capacity for value retention.
2.3. Leveraging International Expert Networks
In his post, McGregor invited dialogue with leading crypto figures, including podcaster Anthony Pompliano and “Bitcoin preacher” Max Keiser, emphasizing the need for “the best minds” to shape policy. He has also arranged to discuss the proposal directly with El Salvador’s President Nayib Bukele at the upcoming Bitcoin Sovereign Nation Summit—an event designed to foster cross-national Bitcoin strategies.
3. Political and Regulatory Challenges in Ireland
3.1. Eurozone Constraints and ECB Oversight
As a member of the European Union and user of the euro, Ireland’s foreign-exchange and reserve policies are subject to EU treaties and ECB regulations. Any shift toward Bitcoin would require negotiation with EU institutions to ensure compliance with the Treaty on the Functioning of the European Union and ECB guidelines on reserve assets.
3.2. Ceremonial Powers of the Presidency
The Irish presidency is largely ceremonial, with fiscal and monetary authority vested in the government, parliament, and the ECB. Even if McGregor were elected, legal experts warn he could not unilaterally direct central-bank reserve allocations without parliamentary approval and EU coordination.
3.3. Independent Candidacy and Legislative Hurdles
Coming in as an independent candidate, McGregor lacks the built-in support of major parties. Enacting a Bitcoin reserve strategy would demand cross-party alliances and drafting new legislation—an uphill battle given skepticism among mainstream politicians and concerns over Bitcoin’s volatility.
4. Global Momentum: Sovereign Bitcoin Reserves Elsewhere
4.1. Sweden’s Parliamentary Proposal
Recently, Swedish lawmakers introduced a motion urging the government to explore a strategic Bitcoin reserve alongside traditional forex holdings. Proponents argue that Bitcoin’s decentralized nature aligns with Sweden’s innovation-friendly financial policies.
4.2. Bhutan’s Covert Accumulation
Investigative on-chain analysis suggests Bhutan’s sovereign wealth fund quietly acquired over 13,000 BTC (valued at $1.35 billion) without public acknowledgment, signaling early interest in crypto-asset diversification.
4.3. Russia’s Sanctions Response
Under Western sanctions, Russian legislators proposed including Bitcoin in its official reserve diversification plan through 2028 to reduce dollar dependency. The plan passed a committee review late in 2024, though final adoption hinges on broader governmental consensus.
4.4. Brazil Nears Bitcoin Reserve Agreement
The Brazilian Congress recently edged toward a bipartisan agreement to allocate up to 1% of foreign reserves into Bitcoin, framing it as an inflation-hedge and financial innovation initiative. Final votes are expected mid-2025.
5. Potential Benefits and Risks of a Bitcoin Reserve
5.1. Benefits: Scarcity, Transparency, and Innovation
- Scarcity: Fixed supply may drive long-term appreciation.
- Transparency: Blockchain ledger provides auditable reserve data.
- Innovation: Signals Ireland’s commitment to fintech leadership.
5.2. Risks: Volatility, Regulatory Pushback, and Institutional Pressure
- Volatility: Sharp price swings could stress national budgets in downturns (e.g., El Salvador’s losses after BTC market dips).
- Regulatory Pushback: IMF and ECB may contest Bitcoin’s inclusion in official reserves, citing prudential standards.
- Diplomatic Impact: Partner nations may view Bitcoin allocation as financial recklessness, affecting credit ratings and bilateral relations.
6. McGregor’s Track Record in Crypto Initiatives
In April 2025, McGregor ran a presale for the gaming token “REAL” as its ambassador, targeting $1 million but raising only $392,000 before refunding investors—an outcome critics cite to question his execution capacity in crypto projects. However, McGregor’s willingness to engage experts and admit past shortcomings may lend credibility to a more cautious, consultative approach to national strategy.
7. Conclusion: A Catalyst for Broader Debate
While the practicality of an Irish Bitcoin reserve faces steep legal, political, and economic challenges, McGregor’s proposal has succeeded in igniting public discourse on digital-asset policy at the national level. By leveraging his celebrity and rallying global crypto thought-leaders, McGregor aims not only to bolster his presidential campaign but to catalyze a worldwide conversation on the role of Bitcoin in sovereign financial management. Whether Ireland ultimately adopts such a reserve, this debate marks an inflection point in how countries might approach the intersection of blockchain innovation and public policy.
