Bitcoin's role in global finance has taken an unexpected turn in 2025, as nations race to establish Bitcoin Strategic Reserves alongside their traditional gold and currency holdings.

While El Salvador and Bhutan already maintain national bitcoin reserves, major economic powers are quickly following suit. The United States has proposed an ambitious plan to accumulate 1 million bitcoin over 20 years, while Switzerland considers a groundbreaking public referendum to become the first major nation to officially hold bitcoin as a reserve asset.

The momentum is building across continents. Countries like Germany, Hong Kong, Russia, Brazil, and Poland are actively exploring bitcoin as a strategic asset. In fact, the latest Global Crypto Adoption Index shows emerging economies leading the charge, with India ranking first in overall crypto adoption.

This comprehensive guide will examines countries at the forefront of this financial revolution, analyzing their strategies, implementation plans, and potential economic impact of establishing national Bitcoin reserves.

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Established Bitcoin Strategic Reserve (SBR) Countries:

El Salvador: The Pioneer of National Bitcoin Reserves

In September 2021, El Salvador marked a historic milestone by becoming the first nation to adopt Bitcoin as legal tender alongside the U.S. dollar. Under President Nayib Bukele's leadership, the country has built substantial Bitcoin reserves, currently holding 6,049 BTC valued at approximately USD 636 million.

El Salvador's Bitcoin Reserve Strategy

The country's strategic approach combines daily Bitcoin purchases with innovative financial policies. El Salvador's National Bitcoin Office maintains a steady accumulation strategy, recently adding 11 BTC valued at over USD 1 million. Subsequently, the government installed more than 200 Bitcoin ATMs nationwide, establishing one of the most extensive crypto transaction networks.

Economic Impact of El Salvador's BTC Holdings

The Bitcoin reserve strategy has yielded significant returns, with unrealized profits reaching 127% on initial investments. Additionally, the country has attracted substantial foreign investment, notably a USD 1.62 billion commitment from Turkish holding company Yilport for seaport development. The strategy has also boosted tourism and sparked international interest in El Salvador's economic policies.

Future Reserve Expansion Plans

Despite recent regulatory adjustments to secure a USD 1.4 billion IMF loan, El Salvador remains committed to its Bitcoin strategy. Notably, the National Bitcoin Office plans to accelerate its Bitcoin accumulation pace. Furthermore, the country continues developing innovative projects, including:

• Volcano Energy: A Bitcoin mining initiative powered by geothermal energy
• Bitcoin City: A proposed tax-free crypto hub utilizing volcanic power

The government's recent policy modifications make Bitcoin acceptance voluntary for businesses while maintaining its status as legal tender, demonstrating El Salvador's balanced approach to cryptocurrency integration in its economic framework.

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Bhutan's Sovereign Bitcoin Fund

The Himalayan kingdom of Bhutan has quietly emerged as one of the largest sovereign holders of Bitcoin, with reserves exceeding USD 1 billion. Through its investment arm, Druk Holdings & Investments (DHI), Bhutan holds 11,523 BTC valued at USD 1.12 billion.

Bhutan's Strategic BTC Investment Approach

Unlike other nations, Bhutan's Bitcoin accumulation stems primarily from its mining operations, which began in April 2019. The country leverages its abundant hydroelectric resources, with 24,000 megawatts of technically feasible hydropower potential. Specifically, the Gedu crypto-mining data center houses 30,000 mining machines, generating three to five bitcoins daily with revenue between USD 317,400 to USD 529,000.

Performance of Bhutan's Bitcoin Holdings

The kingdom's Bitcoin holdings represent approximately 34.48% of its USD 2.90 billion GDP. Consequently, these reserves have positioned Bhutan among the top five countries holding Bitcoin in national reserves. Moreover, the country maintains a diversified crypto portfolio, including USD 2.20 million in Ethereum and smaller holdings in Polygon and BNB Chain.

Future Reserve Expansion Plans

Mining

In May 2023, Bhutan established a USD 500 million partnership with Bitdeer Technologies for green crypto mining. The collaboration aims to expand mining capacity from 100 to 600 megawatts by mid-2025. Through DHI, the government has considered utilizing Bitcoin holdings to address economic challenges, such as funding public sector salary increases.

Crypto & Bitcoin Strategic Reserve

In a groundbreaking announcement, Bhutan’s Gelephu Special Administrative Region (SAR), also known as Gelephu Mindfulness City (GMC), unveiled plans to establish a strategic cryptocurrency reserve. This initiative, which includes major digital assets such as Bitcoin (BTC), Ether (ETH), and Binance Coin (BNB), aims to enhance Bhutan’s economic resilience and leverage its growing involvement in cryptocurrency mining.

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Upcoming Sovereign Strategic Bitcoin Reserves

United States Federal Bitcoin Reserve Initiative

President Donald Trump's administration has unveiled plans for a national digital asset stockpile, marking a significant shift in U.S. cryptocurrency policy. Accordingly, Trump signed an executive order to evaluate the creation of a "national digital asset stockpile".

Trump Administration's BTC Reserve Plans

The administration primarily aims to retain all government-held bitcoin, with current holdings valued at approximately USD 20 billion from legal seizures. Trump's strategy includes halting future sales of seized cryptocurrency assets to establish a core stockpile. The initiative stems from Trump's commitment to position the United States as a global leader in cryptocurrency technology, particularly in response to growing competition from China.

Proposed Strategic Reserve Legislation

Senator Cynthia Lummis introduced a groundbreaking bill outlining these key components:

• Accumulation of 200,000 bitcoins annually for five years
• Target of one million tokens, representing 5% of global supply
• Minimum 20-year holding period for acquired assets
• Funding through Federal Reserve banks' deposits and gold holdings

Federal Reserve Integration Strategy

Despite the ambitious scope of the initiative, the Federal Reserve has maintained a cautious stance on directly holding Bitcoin as a reserve asset. Federal Reserve Chair Jerome Powell has previously stated the central bank has no plans to include Bitcoin in its reserves. However, at a recent FOMC meeting, Powell acknowledged that banks are "perfectly able to serve crypto customers as long as they can understand and service the risks," signaling a more open regulatory stance toward cryptocurrency.

Senator Cynthia Lummis has addressed concerns about funding the initiative, asserting that the reserve could be established without issuing new treasury debt. Instead, she suggests leveraging the reserves of the 12 Federal Reserve banks, including gold certificates dating back to the 1970s that have not been marked to fair market value. This approach could provide a substantial capital base for accumulating Bitcoin without requiring additional liquidity injections into the economy.

The proposal has drawn interest from key industry leaders who argue that U.S. strategic Bitcoin reserves could enhance financial stability and strengthen the dollar’s position in global markets. Some have even suggested that the government should aim to acquire between 20-25% of Bitcoin’s total supply to secure dominance over the emerging digital reserve currency network. The administration continues to frame this initiative as a means of reinforcing U.S. dollar sovereignty while supporting the development of regulated, dollar-backed stablecoins on a global scale.

US State Level Bitcoin Strategic Status

Pennsylvania Strategic Bitcoin Reserve

Pennsylvania was the first state to introduce legislation for a Strategic Bitcoin reserve, aiming to position Bitcoin as a hedge against inflation and economic volatility. The initiative underscores Pennsylvania’s forward-thinking approach to integrating digital assets into its financial strategy, potentially setting a precedent for other states.

Utah Strategic Bitcoin Reserve

Utah has become the second U.S. state to propose a Strategic Bitcoin Reserve bill, with the legislation currently under review by the state legislature and governor. The proposal aims to diversify state-held assets and leverage Bitcoin’s properties as a non-correlated store of value, strengthening Utah’s long-term financial resilience.

Arizona Strategic Bitcoin Reserve

Arizona has taken concrete steps toward establishing a state-held Bitcoin reserve, with its Strategic Bitcoin Reserve Act (SB1025) advancing out of committee. The bill outlines a framework for state acquisition and management of Bitcoin, reinforcing Arizona’s proactive stance on cryptocurrency adoption as part of its financial future.

Wyoming Strategic Bitcoin Reserve

Wyoming has long been a leader in cryptocurrency-friendly legislation. In January 2025, Representative Jacob Wasserburger introduced HB0201, the "State Funds-Investment in Bitcoin Act," which proposes the creation of a strategic Bitcoin reserve. Wyoming’s business-friendly regulatory environment, particularly its pro-crypto stance, makes this initiative a natural extension of its efforts to attract blockchain innovation.

Massachusetts Strategic Bitcoin Reserve

In January 2025, Massachusetts Senator Peter Durant filed a proposal to establish a strategic Bitcoin reserve, marking a significant shift in a state historically aligned with traditional financial institutions. The proposal highlights growing recognition of Bitcoin’s role in modern finance, particularly in a state home to some of the nation’s most prominent banking and investment firms.

Texas Strategic Bitcoin Reserve

Texas has emerged as a Bitcoin mining hub, making its move toward a state Bitcoin reserve particularly relevant. On January 29, 2025, Lieutenant Governor Dan Patrick announced that establishing a Texas Bitcoin Reserve would be a top legislative priority for the year.

Two prominent Texas lawmakers have introduced Bitcoin reserve legislation:

• Senator Charles Schwertner (January 16, 2025) emphasized that a Bitcoin reserve would position Texas as a leader in the digital economy, ensuring economic freedom for its residents.
• Representative Giovanni Capriglione (December 2024) introduced a bill allowing state fees, taxes, and contributions to be paid in Bitcoin, which could then be used to help fund the reserve.

‍Ohio Strategic Bitcoin Reserve

Ohio is among the states actively considering a Strategic Bitcoin Reserve, with lawmakers advocating for Bitcoin as a hedge against economic fluctuations. The proposal suggests that holding Bitcoin as part of the state's financial assets could offer protection against inflationary pressures and currency devaluation.

New Hampshire Strategic Bitcoin Reserve

New Hampshire, known for its libertarian-leaning policies, has introduced a proposal to establish a Bitcoin reserve, reflecting a strong interest in integrating digital assets into the state’s financial strategy. This initiative aligns with New Hampshire’s broader push toward financial sovereignty and decentralized finance adoption.

North Dakota Strategic Bitcoin Reserve

North Dakota has introduced legislation to create a Strategic Bitcoin Reserve, signaling its intent to diversify state-held assets. With a growing focus on financial innovation and investment protection, this initiative aligns with North Dakota’s economic strategy of adapting to digital financial shifts.

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Czech Republic's €7B Bitcoin Investment Plan

The Czech National Bank (CNB) stands poised to make a groundbreaking move with its proposed €7 billion Bitcoin investment plan. Governor Aleš Michl, drawing from his investment banking background, aims to allocate 5% of the bank's €140 billion reserves to Bitcoin.

Czech Central Bank's BTC Strategy

The CNB's approach primarily focuses on portfolio diversification, with Bitcoin emerging as a strategic asset choice. Currently, the bank maintains 22% of its portfolio in equities, demonstrating its openness to non-traditional investments. Governor Michl's strategy stems from his experience running investment funds, rather than following conventional central banking practices.

Implementation Timeline

The proposal's first milestone centers on the January 30, 2025 board meeting. Essentially, the implementation requires thorough analysis and board approval before proceeding. The bank plans gradual acquisitions to minimize market impact, considering that "5% of assets is substantial money, even for the Bitcoin market".

Economic Implications

Internal CNB calculations reveal significant potential impacts:

• Annual returns could increase by 3.5 percentage points
• Portfolio volatility might double from current levels
• The investment would surpass CNB's existing gold reserves of €4.3 billion

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Brazil's National Treasury Bitcoin Initiative

Federal Deputy Eros Biondini introduced groundbreaking legislation to establish Brazil's Sovereign Strategic Bitcoin Reserve (RESBit), marking a significant advancement in national cryptocurrency adoption.

Brazilian BTC Reserve Legislation

Initially proposed in November 2025, the RESBit bill aims to diversify Brazil's Treasury assets through strategic Bitcoin acquisition. The legislation calls for the central bank to gradually accumulate Bitcoin until it comprises 5% of national reserves, equivalent to approximately USD 18.60 billion. Primarily designed to protect international reserves against exchange fluctuations, the initiative positions Brazil among forward-thinking nations in digital asset management.

Proposed Implementation Framework

The Central Bank, in partnership with the Ministry of Finance, will oversee RESBit through these key mechanisms:

• Cold wallet storage for enhanced security
• Semiannual performance reports to Congress
• Advanced monitoring systems utilizing AI and blockchain
• Public transaction reporting requirements

Economic Benefits

The initiative promises substantial economic advantages beyond reserve diversification. RESBit aims to foster blockchain research and development, ultimately supporting Brazil's central bank digital currency, Drex. Currently ranking 10th in global crypto adoption, Brazil demonstrates strong potential for successful implementation. The program includes comprehensive educational initiatives, from public agent training to establishing specialized blockchain programs at educational institutions.

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Russia's Sovereign Crypto Holdings Strategy

State Duma deputy Anton Tkachev has proposed creating a strategic Bitcoin reserve to strengthen Russia's financial stability amid international sanctions. The proposal, sent to Finance Minister Anton Siluanov, aimed to establish Bitcoin holdings alongside traditional currency reserves.

Russian BTC Reserve Development

President Vladimir Putin significantly boosted the initiative by praising Bitcoin as an alternative to foreign currency reserves. Currently, the Central Bank of Russia prepares to launch cross-border cryptocurrency payment trials. Finance Minister Siluanov confirmed that Russian companies have started using Bitcoin in international trade, with transactions expected to expand throughout 2025.

Regulatory Framework

The Russian government has implemented these key changes to support Bitcoin adoption:

• Cryptocurrency transactions exempt from VAT
• 15% tax rate on crypto profits
• Legalization of Bitcoin mining operations
• Authorization for cross-border crypto payments

International Impact

The strategic reserve initiative primarily aims to reduce dependence on traditional international payment systems. Russian companies have begun utilizing Bitcoin for foreign trade following legislative changes. Presently, Russia ranks among global leaders in Bitcoin mining, ultimately positioning itself to leverage this advantage for international trade settlement.

The Central Bank of Russia maintains strict oversight of cryptocurrency transactions within the country. Through this framework, Russia aims to create an alternative financial system less dependent on US dollar-denominated trade.

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