In a March 6, 2025, executive order, US President Donald Trumpestablished a “digital gold” Bitcoin reserve, to be capitalized with any BTC seized by federal law enforcement. With the supply of BTC capped at 21 million coins, the administration wants the United States to secure a first-mover advantage as a major holder of an emerging store of value. But since it is unlikely that seized BTC alone can achieve the desired scale, the US also may purchase it on the open market.Nor is the US alone. Around the world, governments are increasingly considering BTC as a reserve asset. In Brazil, Congressman Eros Biondini has advanced a proposal to require the central bank to accumulate BTC until it accounts for 5% of the country’s reserves. Meanwhile, Bhutan has become one of the world’s largest BTC holders, with its Gelephu Mindfulness City holding the cryptocurrency as a strategic reserve. El Salvador’s president, Nayib Bukele, continues to buy BTC as a strategic reserve, and legislators in Hong Kong have floated a proposal to add BTC to the city-state’s official reserves. China is rumored to be building a BTC reserve in stealth. And a recent Swiss popular initiative aims to require the Swiss National Bank (SNB) to include BTC in its holdings, though SNB President Martin Schlegel rejects the idea, citing concerns about the cryptocurrency’s volatility, liquidity, and security.
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