Original author: Liz Napolitano, Decrypt

Original translation: Felix, PANews

Driven by a historic market surge, some countries are considering establishing national Bitcoin reserves. In recent weeks, Bitcoin, the world's largest cryptocurrency, has reached new highs, with its price surpassing $100,000 for the first time earlier this month.

U.S. President-elect Donald Trump and his allies have repeatedly supported legislation to reserve Bitcoin for the Federal Reserve, and this goal may soon become a reality.

Brazilian government officials have also proposed legislation to achieve this possibility, while politicians in Poland and Russia support the idea of adding digital currencies to their national balance sheets.

El Salvador is leading the way in this regard, designating Bitcoin as legal tender and gradually accumulating Bitcoin as its reserve since 2021.

While it remains unclear whether other countries will genuinely reserve Bitcoin in the short term, one thing is evident: the interest in holding the token as a reserve asset has reached a fever pitch. Here are the countries considering establishing national Bitcoin reserves.

United States

Several U.S. lawmakers have pushed for the establishment of a strategic Bitcoin reserve.

Wyoming Senator Cynthia Lummis introduced a bill called the "Bitcoin Act" last spring, proposing that the U.S. purchase up to 200,000 Bitcoins annually over five years, or 5% of the total supply of the token.

Bitcoin would be stored in a "decentralized secure Bitcoin vault network operated by the U.S. Treasury," with token acquisitions completed through diversification of existing Federal Reserve funds (such as bonds, loans, and gold).

In July of last year, President-elect Donald Trump also supported the "strategic Bitcoin reserve" at BTC 2024 in Nashville—one of many cryptocurrency-related promises he hopes to fulfill after taking office.

Trump stated at the event: "This will be the policy of my administration… to keep 100% of all Bitcoin currently held or acquired by the U.S. government for the future."

At the state level, efforts to establish Bitcoin reserves are also underway.

A Texas lawmaker proposed a bill last week suggesting that the state establish a Bitcoin reserve to be held for at least five years. Meanwhile, Pennsylvania also introduced a similar bill in November.

Brazil

The Brazilian government has proposed a bill to establish a national Bitcoin reserve.

According to the proposed legislation submitted on November 25, the Bitcoin Sovereign Strategic Reserve (RESBit) would account for 5% of Brazil's international reserves. Its goal is to diversify the assets of the Brazilian Treasury.

Federal Deputy Eros Biondini stated in the proposed bill that incorporating Bitcoin into the treasury "will reduce Brazil's exposure to exchange rate fluctuations and geopolitical risks, enhancing economic resilience."

Under the proposal, the Brazilian central bank would collaborate with the Treasury to manage the Bitcoin reserves. These funds would support Brazil's CBDC, known as Drex. According to the bill, Bitcoin would be stored in cold wallets.

Poland

Polish presidential candidate Sławomir Mentzen advocates for the establishment of a strategic Bitcoin reserve and promotes cryptocurrency-friendly laws and regulations in Poland.

Sławomir Mentzen stated in a post on X (formerly Twitter) that: "If I become the President of Poland, our country will become a haven for cryptocurrencies, with very friendly regulations, low taxes, and a supportive attitude from banks and regulators."

The politician stated in another X post: "It's time for Polish politicians to look to the future."

This far-right nationalist candidate ranks third in polls in the Eastern European country. It remains unclear whether Mentzen's political opponents also support the establishment of a strategic Bitcoin reserve.

Russia

According to Russian state news agency Ria, last December, Russian parliament representative Anton Tkachev proposed the establishment of a national Bitcoin reserve.

In November of last year, several Russian lawmakers suggested creating a "cryptocurrency reserve" in the "treasury," but faced opposition from Anatoly Aksakov, chairman of the Russian State Duma committee.

They also successfully passed legislation this fall to legalize cryptocurrency mining and the use of digital assets for international payments.

Russia's recent shift in attitude towards cryptocurrencies suggests that the country may reconsider the issue of a strategic Bitcoin reserve, as at least one senior Russian official has previously expressed support for the proposal.

In a 2021 interview with the Russian International News Agency, Deputy Foreign Minister Alexander Pankin indicated a willingness to replace the country's dollar-based reserves and trade settlements with other currencies, including cryptocurrencies.

Alexander Pankin stated that Russia might replace the dollar with various national currencies, "and in the future, there may be some form of digital asset."

Japan

Japanese legislator Satoshi Hamada submitted a formal request to the legislative body in December, seeking discussions on establishing a national Bitcoin reserve in Japan.

Hamada's party holds only two seats in the Japanese parliament, but there are other Bitcoin supporters in the legislative body— in October, Yuichiro Tamaki, leader of the Constitutional Democratic Party, proposed tax cuts and regulatory reforms for cryptocurrency holders and companies in Japan.

Related article: The rise of "strategic reserves": Will Bitcoin reshape the "balance sheets" of sovereign nations and corporate entities?

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