Bitcoin’s Macroeconomic Ascent Accelerates as Nations Compete in Adoption Race

Bitcoin smashes through traditional asset classifications as sovereign adoption becomes the new global battleground.

The Great Repricing

Central banks scramble to reposition their reserves while finance ministers debate regulatory frameworks. El Salvador's bold move now looks less like an outlier and more like a prototype.

Geopolitical Chessboard

Nations leverage Bitcoin to bypass sanctions, attract tech talent, and future-proof their economies. The digital gold narrative evolves into something far more strategic—a tool for economic sovereignty.

Institutional Floodgates

Wall Street reluctantly follows sovereign momentum, with pension funds and endowments increasing allocations. The asset class matures faster than skeptics predicted, though traditional finance still can't decide whether to adopt or regulate into oblivion.

Bitcoin doesn't care about your investment thesis—it's busy rewriting global economic rules while bankers debate their spreadsheet models.

Strategic Bitcoin Reserve is the go-to strategy

Strategic Bitcoin Reserves (SBR) represent the most common approach, with 16 countries having proposed or enacted such policies.

Trump’s executive order established federal policy of retaining rather than selling seized Bitcoin holdings, citing $17 billion in potential gains that WOULD have been missed from previous liquidations.

Arizona, New Hampshire, and Texas have codified state-level reserves into law, with dozens more states considering similar measures.

Besides the idea of an SBR, government-backed Bitcoin mining ranks as the second most prevalent method, with 14 countries actively or proposing such operations.

Government-backed exploration

Ten nations currently mine through electricity provision arrangements that generate profit-sharing Bitcoin accumulation. Argentina, Bhutan, El Salvador, Ethiopia, Iran, North Korea, Oman, Russia, the UAE, and Venezuela all maintain or previously operated government mining programs.

Seven countries hold Bitcoin through passive holdings, comprising seized cryptocurrency that governments have chosen not to sell. Bulgaria, China, Finland, Georgia, India, the United Kingdom, and Venezuela maintain such holdings, with Finland specifically retaining coins pending court rulings.

Four countries accept tax payments in Bitcoin across various jurisdictions. Panama City, the Swiss cantons, Dubai, and Colorado state allow Bitcoin tax payments, with Vancouver, Canada, proposing similar legislation.

Government pension funds and sovereign wealth funds provide additional exposure avenues. Michigan’s state pension fund invested directly in Bitcoin, while 17 other state pension funds maintain indirect exposure through Strategy holdings.

Internationally, Japan’s government pension fund is exploring direct investment, and South Korea’s fund holds substantial Strategic allocations.

‘Game-theoretic race’

The report positioned Bitcoin adoption as a “game-theoretic race” among nations seeking alternatives to traditional reserve assets. Countries view Bitcoin as a complement to Gold reserves, providing digital portability advantages over physical assets.

The authors argue that Bitcoin offers sanctions-resistant properties and enables direct international payments without dollar intermediation.

Adoption momentum has accelerated markedly since Trump’s election, with exposure events spiking from sporadic pre-2020 activity to over 50 events in early 2025.

The report concluded that major powers across continents now engage with Bitcoin as a macroeconomic asset, making a reversal unlikely.