What is the New Covenant and who are the participants in it? Jeremiah 31:31

“Look! There are days coming,” is the utterance of Jehovah, “and I will conclude with the house of Israel and with the house of Judah a new covenant – Jeremaih 31:31

The New Covenant is far superior to the Law Covenant - it does not simply replace the Old Covenant. The Law Covenant was just a shadow of the New one. In other words, by analyzing the pictures of the Old Covenant, we can grasp the New. (Hebrews 8:5)

The Law Covenant was between Jehovah and the nation of Israel – with the Levitical priesthood as a feature of it. (Hebrews 7:11)

The New Covenant is between Jehovah and all mankind - and the Melchizedek priesthood of Christ and the 144,000 is its feature.

Moses represented all Israel and went up to Mount Sinai to receive the Law Covenant. Jesus, as Son of Man, represented all mankind before Jehovah in the New Covenant.

If there was no Law Covenant, the Levitical priesthood could never have existed.

If there was no New Covenant, there is no question that the priesthood of the 144,000 could not exist.

For Israel, all of the people had to come into the Law Covenant first. Then, out of them, some were chosen (Levites) to be priests.

For mankind today, all of them have to come into the New Covenant first, then out of them, some (firstfruits), the conquerors by faith, serve as priests. (Revelation 2:7, 11, 17, 26; 3:5, 12, 21)

This is the reason Jesus first made the New Covenant with his disciples, then later made the Kingdom Covenant – because the disciples wouldn't be able to be in the Kingdom Covenant if they weren't in the New Covenant first. (Luke 22: 28-30)

Why? Because of what the New Covenant actually accomplishes. It brings all mankind into Christ, and thus into an acceptable condition before the Holy God. Without this, Jehovah God will have no dealings with a person. Notice in Ephesians 1:3:

Blessed be the God and Father of our Lord Jesus Christ, for he has blessed us with every spiritual blessing in the heavenly places in Christ.

In Adam, all mankind have sin, guilt, and are cursed to die. We have no other inheritance. Therefore to qualify to receive any “spiritual blessing”, we must first leave Adam, and come “in Christ.” This is accomplished by the ransom, bringing us into the New Covenant, by our faith expressed through baptism. Once in this condition, until the second coming of Christ, all who have faith and overcome will be part of the “royal priesthood.”

So the New Covenant is not just with the symbolic 144,000. It is with all mankind. Anyone can come into it if they exercise faith and get baptized, identifying themselves with Christ's death, burial and resurrection. Then, if they have faith and overcome, they will be part of the symbolic 144,000, kings and priests of God.

Just as the Levitical priests were ministers or servants of the Old Covenant, the symbolic 144,000 are ministers or servants of the New Covenant. (2 Corinthians 3:6)

Where the Old Covenant failed to produce the kingdom of priests, the Law being written on stone tablets and therefore the Israelites being unable to live up to it in their power, the New Covenant does produce a kingdom of priests, because now the Law is written in our very hearts, with the resurrection power of Christ operating in us. (Jeremiah 31: 33, 2 Corinthians 3:3, 6)