Interest in establishing Bitcoin reserves is growing among politicians across five continents, as they see potential benefits in adopting the cryptocurrency as a national asset. The Czech Republic recently joined this global conversation. Aleš Michl, governor of the Czech National Bank, announced that Bitcoin is being considered for inclusion in the country’s foreign exchange reserve diversification strategy. Similarly, legislation in the US Congress proposes that the Treasury should accumulate 1 million BTC over five years. This aligns with efforts in other nations such as Switzerland and Poland, where government interest in Bitcoin reserves is also apparent.
While El Salvador remains the pioneer with an established Bitcoin reserve, the United States and Brazil are on the cusp of joining this initiative. In the US, crypto policies swayed the discussions during the 2024 federal elections, with President-elect Donald Trump voicing his support for a national Bitcoin reserve. Senator Cynthia Lummis proposed the BITCOIN Act of 2024, envisioning a significant Bitcoin acquisition for the US Treasury. Despite backing from the Republican majority in both Congressional houses, the bill faces challenges due to divided opinions on Bitcoin’s financial merits.
Brazil is also deliberating the establishment of a Sovereign Strategic Bitcoin Reserve (RESBit), aimed at economic stabilization amidst global risks. The proposal is under review by various legislative bodies and could allow a 5% Bitcoin allocation within national reserves.
In Russia, the focus is on leveraging cryptocurrencies, including Bitcoin, to circumvent Western sanctions, with Finance Minister Anton Siluanov acknowledging their role in international trade settlements. Concurrently, Czechia’s central bank is evaluating the feasibility of introducing Bitcoin into its reserve framework, with the potential decision resting on the agreement of the bank’s governors.
Beyond these countries, the momentum for Bitcoin adoption spans globally with discussions underway in Poland, Switzerland, Germany, South Africa, Hong Kong, Japan, and Venezuela. Switzerland has initiated a campaign to integrate Bitcoin into its national reserves, requiring a public referendum. In South Africa, the opposition uMkhonto weSizwe Party advocates for Bitcoin as part of an economic diversification strategy. Polish presidential candidate Sławomir Mentzen has also pledged to include Bitcoin in national reserves if elected.
Germany’s former Finance Minister Christian Linder suggested that the Bundesbank should consider Bitcoin to avoid lagging in global economic developments. Japan’s Satoshi Hamada has called for discussions on a potential reserve, despite initial government reluctance.
Hong Kong is exploring the strategic advantage of Bitcoin reserves amidst traditional market disruptions, and in Venezuela, opposition leader María Corina Machado views Bitcoin as essential for economic stabilization.
The global dialogue on Bitcoin reserves indicates a growing acceptance of its role in monetary policy, although substantial skepticism remains. Policymakers advocating for Bitcoin standardization will need to address this skepticism to advance their agenda.