Bitcoin, which has long been perceived as a speculative asset, is gradually establishing itself as a strategic element in the management of national reserves. Faced with developments in financial markets and geopolitical tensions, several governments and central banks are considering integrating it into their foreign exchange reserves. In the United States, the bill proposes to gradually acquire 1 million BTC over five years. In the Czech Republic, the governor of the central bank is examining the possibility of diversifying into cryptocurrencies. Similarly, in Russia, politicians are pushing for a strategic reserve in bitcoin, while in Brazil, the project envisages allocating 5% of sovereign reserves to this asset. The move represents a significant change of direction in the institutional perception of Bitcoin, which now goes beyond private diversification and becomes an economic and geopolitical issue. If El Salvador has already taken the plunge, other countries are proceeding cautiously, held back by cryptocurrency volatility and regulatory uncertainty. Between the experiments and the resistance, a new financial dynamic is emerging that suggests a possible rebalancing of the global monetary system.
States improve their pawns: Bitcoin as a national reserve?
The government’s interest in Bitcoin now goes beyond political debates and is rooted in strategic considerations. In the United States, the bill proposes to gradually incorporate 1 million BTC into national reserves over five years. This text, supported by Senator Cynthia Lummis, aims to strengthen the country’s financial sovereignty in the face of global economic uncertainty. “Such a reserve would be a hedge against inflationary risks and a response to a decline in confidence in the dollar,” says Lummis. Despite strong support within the Republican Party, however, its adoption remains uncertain. The scale of the investment, estimated at $18 billion at current prices, is causing reluctance among some who believe bitcoin is too volatile to serve as a national guarantee.
Other nations are also exploring this path. Everyone moves at their own pace. The Governor of the National Bank of the Czech Republic, Aleš Michl, raised the possibility of diversifying reserves, which includes bitcoin. “We are analyzing several options, including cryptocurrencies, but nothing has been decided yet,” he said. In Russia, where crypto regulations remain tight, political leaders are beginning to see the asset as a strategic tool. MP Anton Tkachev called on the government to consider creating a bitcoin reserve, citing the instability of traditional currencies such as the Chinese yuan and the US dollar. The placement fits into the context of Moscow trying to reduce its dependence on Western currencies and circumvent certain economic sanctions by using cryptocurrencies for international trade.
Global adoption is still fragmented but growing
While some world powers are still considering whether to integrate bitcoin into their national reserves, other countries are taking action. In Brazil, a bill actually under discussion proposes to allocate up to 5% of state reserves to cryptocurrencies. Brazilian lawmakers are defending the move as a way to protect the local economy from foreign currency fluctuations and geopolitical uncertainties. According to them, such a reserve would help stabilize reality in order to prepare the country for transformations in the international monetary system. However, if this project is successful, Brazil would become one of the first G20 countries to institutionalize Bitcoin as a strategic asset.
Other states approach the problem from an institutional and more democratic angle. In Switzerland, a group of cryptocurrency experts has launched a petition aiming to get 100,000 signatures to put the creation of a bitcoin reserve to a national referendum. “The Swiss legal framework allows us to explore this possibility with a transparent and thoughtful approach,” explains Yves Bennaïm, founder of the 2B4CH think tank. If the petition is successful, Bitcoin could be discussed at the highest political level, in a country where financial innovation plays a key role.
In South Africa, interest in Bitcoin is taking on a political and economic dimension. uMkhonto weSizwe (MKP) is advocating the adoption of a strategic reserve that would reduce the country’s dependence on funding from institutions such as the IMF and the World Bank. This proposal is based on the idea that bitcoin could offer a sovereign money alternative by protecting the South African economy from external pressures and fluctuations in the rand. MKP also mentions the possibility of using bitcoin mining to extract excess renewable energy, which would thus strengthen the country’s energy independence.
Despite the boom in Bitcoin reserves, several issues are hindering its widespread adoption. Extreme volatility remains the main drag that discourages central banks from including such an unpredictable asset in their strategic reserves. In addition, its adoption as an official reserve would require deep regulatory reforms to bring it in line with the standards of international financial markets. However, the development of monetary policy shows a paradigm shift. Central banks and governments are placing increasing importance on cryptocurrencies in their macroeconomic decisions. Thus, the idea of Bitcoin as a reserve asset is no longer speculation, but part of a strategic debate about the future of global monetary reserves. If this trend is confirmed, it could reshape international financial balances and offer countries an alternative to traditional reserves dominated by the dollar and gold.
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A graduate of Sciences Po Toulouse and holder of the blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I made a commitment to raise awareness and inform the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and take advantage of the opportunities it offers. I strive every day to provide an objective analysis of current events, decipher market trends, convey the latest technological innovations, and put into perspective the economic and social issues of this ongoing revolution.
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The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.