Pay attention to the timeline of $BTC , especially that Trump signed the executive order on March 6, 2025, which is part of the latest developments and must be included. At the same time, avoid duplicate references and keep the answer concise and clear. The Bitcoin policy in 2025 shows characteristics of deepening global regulation and intensified geopolitical competition. The Trump administration in the United States signed an executive order on March 6, establishing the first national-level Bitcoin strategic reserve (initial scale of about 200,000 coins), clearly stating that the Bitcoin held by the government cannot be sold, aiming to hold it as "digital gold" for the long term. The EU's Markets in Crypto-Assets Regulation (MiCA) is fully implemented, mandating exchanges to enforce KYC/AML and banning anonymous stablecoins, promoting industry compliance. China continues strict regulation, prohibiting domestic Bitcoin trading; India plans to raise the trading tax rate to 48%, causing market turmoil. Emerging markets show clear divergence, with El Salvador continuing to increase its Bitcoin holdings to legal tender status, and Vietnam accelerating the formulation of a cryptocurrency legal framework. The "neutrality" of Bitcoin is tested in geopolitical conflicts, with events like the Russia-Ukraine war highlighting its value in cross-border payments.