Long perceived as a speculative asset, Bitcoin is slowly consolidating itself as a strategic element in the management of national reserves. Faced with the evolution of financial markets and geopolitical tensions, several governments and central banks are considering its integration into their foreign exchange reserves. In the United States, a bill proposes the progressive acquisition of 1 million BTC over five years. In the Czech Republic, the governor of the central bank is examining the possibility of diversification into crypto. Similarly, in Russia, politicians are pushing for a strategic reserve in Bitcoin, while in Brazil, a project foresees an allocation of 5% of sovereign reserves to this asset. This move represents a notable change of direction in the institutional perception of Bitcoin, which now goes beyond the framework of private diversification to become an economic and geopolitical issue. While El Salvador has already taken this step, other countries are moving cautiously, held back by the volatility of cryptocurrencies and regulatory uncertainty. Amidst experimentation and resistance, a new financial dynamic is taking shape, suggesting a possible shift in the balance of the global monetary system.

States advance their pieces: Bitcoin as a national reserve?

Government interest in Bitcoin now goes beyond political debates and is anchored in strategic considerations. In the United States, a bill proposes to gradually integrate 1 million BTC into national reserves over a period of five years. Promoted by Senator Cynthia Lummis, this text aims to strengthen the country’s financial sovereignty in the face of global economic uncertainties. “Such a reserve would be a protection against inflation risks and a response to the decline in confidence in the dollar,” says Lummis. However, despite strong support within the Republican Party, its adoption remains uncertain. The scale of the investment, estimated at $18 billion at current prices, is causing reluctance, with some considering Bitcoin too volatile to serve as a national guarantee.

Other nations are also exploring this path. Each is moving at its own pace. In the Czech Republic, National Bank Governor Aleš Michl has mentioned the possibility of diversifying reserves to include bitcoin. “We are looking at various options, including cryptocurrencies, but nothing is decided yet,” he said. In Russia, where crypto regulation remains strict, politicians are beginning to view the asset as a strategic tool. MP Anton Tkachev has asked the government to consider creating a bitcoin reserve, citing the instability of traditional currencies such as the Chinese yuan and the US dollar. This stance comes as Moscow seeks to reduce its dependence on Western currencies and circumvent certain economic sanctions by using cryptocurrencies for international trade.

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A global adoption still fragmented, but in progress

While some world powers are still mulling over whether to integrate Bitcoin into their national reserves, other countries are taking action. In fact, in Brazil, a bill under discussion proposes allocating up to 5% of sovereign reserves to crypto. Brazilian lawmakers defend this initiative as a means of protecting the local economy from foreign currency fluctuations and geopolitical uncertainties. According to them, such a reserve would help stabilise the real, in order to prepare the country for the transformations of the international monetary system. However, if this project goes ahead, Brazil would become one of the first G20 countries to institutionalise Bitcoin as a strategic asset.

Other states are approaching the issue from a more institutional and democratic angle. In Switzerland, a group of crypto experts has launched a petition seeking to obtain 100,000 signatures to put the creation of a bitcoin reserve to a national referendum. “The Swiss legal framework allows us to explore this option with a transparent and thoughtful approach,” explains Yves Bennaïm, founder of the think tank 2B4CH. If the petition is successful, bitcoin could be debated at the highest political level, in a country where financial innovation plays a key role.

In South Africa, interest in Bitcoin takes on a political and economic dimension. The uMkhonto weSizwe Party (MKP) advocates the adoption of a strategic reserve to 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 monetary alternative, protecting the South African economy against external pressures and fluctuations in the rand. The MKP also mentions the possibility of using Bitcoin mining to value surplus renewable energy, thereby strengthening the country’s energy independence.

Despite the rise of bitcoin reserves, several challenges are holding back its large-scale adoption. Extreme volatility remains a major brake, dissuading central banks from integrating such an unpredictable asset into their strategic reserves. Furthermore, its acceptance as an official reserve would require deep regulatory reforms to align with the standards of international financial markets. However, the evolution of monetary policies shows a paradigm shift. Central banks and governments are increasingly giving cryptocurrencies a place in their macroeconomic decisions. Thus, the idea of ​​a bitcoin as a reserve asset is no longer in the realm of speculation, but is inserted into a strategic debate on the future of global monetary reserves. If this trend is confirmed, it could redraw international financial balances, and would offer States an alternative to traditional reserves dominated by the dollar and gold.