Conor McGregor, a former UFC champion and newly announced candidate for the Irish presidency, has expressed his support for establishing a national Bitcoin reserve in Ireland.
In a post shared on X on May 9, McGregor emphasized the importance of Bitcoin as a tool for financial empowerment, stating, “Crypto in its origin was founded to give power back to the people. An Irish Bitcoin strategic reserve will give power to the people’s money.”
Bitcoin Price Surges to Over $104,000
McGregor’s initiative comes at a time when Bitcoin is experiencing a dramatic surge, recently reaching a value exceeding $104,000.
He plans to discuss his vision further during an upcoming X Spaces event, where he intends to invite prominent figures in the Bitcoin community to participate in the dialogue.
“We need the greatest minds for this BTC Reserve. Message me and let’s chat,” he responded to notable crypto influencer Anthony Pompliano.
Additionally, David Bailey, an advisor on cryptocurrency in the U.S. presidential landscape, showed interest in the proposal, eliciting an enthusiastic response from McGregor.
Having announced his independent candidacy for the Irish presidency in March 2025, McGregor is concentrating on issues such as crime reduction and stringent immigration controls.
The next presidential election in Ireland is set to occur no later than November 11, 2025, coinciding with the end of the current term of President Michael D. Higgins.
Though McGregor’s concept of a Bitcoin reserve is ambitious, it remains largely untested within Ireland, with only a handful of countries—such as the U.S., El Salvador, and Bhutan—having explored the possibility of sovereign Bitcoin reserves.
Crypto in its origin was founded to give power back to the people.
An Irish Bitcoin strategic reserve will give power to the people’s money.
I will be cohosting a Twitter space to talk about what I want to see changed.
Victory to Ireland!
— Conor McGregor (@TheNotoriousMMA) May 9, 2025
However, implementing this strategy may prove difficult for an independent candidate lacking party support, facing substantial political and regulatory challenges.
Moreover, questions have arisen regarding McGregor’s credibility within the cryptocurrency space.
His prior blockchain endeavor, known as the REAL project, failed to achieve its funding goal of $1 million during its pre-sale in April, raising only $392,315 before issuing refunds to backers. This project sought to combine crypto with gaming but struggled to gain momentum.
Adding to the complexities of his public image, McGregor is currently appealing a civil conviction for sexual assault, alongside having previously faced scrutiny for hate speech investigations.
Bitcoin Holds Above $103K but Momentum Indicators Signal Weakness
As for Bitcoin, it is currently trading at $103,546 after a peak of $104,765, reflecting a slowdown in momentum following last week’s bullish trend.
Though the price remains above key support levels, market indicators suggest a potential cooling period in the near future.
On the 30-minute chart, the Relative Strength Index (RSI) has fallen below the neutral line to 44.64, indicating weakened buying interest.
The MACD has also shifted to a bearish perspective, with the signal line crossing above the MACD line, suggesting possible downward pressure. Additionally, Bollinger Bands are beginning to narrow, signaling a decline in volatility.
Short-term analysis via the 1-minute chart corroborates the weakening trend, with the RSI hovering around 41.5 and the MACD exhibiting negative readings.
Bitcoin is trading close to the lower Bollinger Band, reflecting a cautious sentiment among day traders.
If buying pressure fails to maintain the $103,000 support level, further decline could ensue. Conversely, sustaining above this threshold would preserve the overarching upward trend for the time being.
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