32 countries around the world are competing to accumulate Bitcoin: "digital gold" has officially risen to a national strategic asset.

The latest report from the Bitcoin Policy Research Institute reveals that 32 countries around the world are actively promoting Bitcoin adoption through legislation, accounting for approximately one-sixth of the countries globally, marking the transition of this digital asset from a speculative tool to a national strategic resource. This wave of adoption has significantly accelerated after President Trump was elected, and national Bitcoin reserves have become a new global trend.

Bitcoin nation adoption enters an accelerated phase: strategic reserves become the preferred strategy

The report released by the Bitcoin Policy Research Institute on September 22 shows that global Bitcoin adoption is at an unprecedented acceleration stage. Currently, 27 countries are actively participating in Bitcoin-related activities, with 13 countries having proposed legislation to support such participation, forming a diversified national-level Bitcoin strategy.

Strategic Bitcoin Reserve: A New Form of National Sovereign Assets

Strategic Bitcoin Reserve (SBR) has become the most popular national-level Bitcoin strategy, with 16 countries having proposed or implemented such policies. This trend is particularly evident in the United States:

· President Trump's executive order established a federal policy to retain rather than sell seized Bitcoin.

The government assessed that past Bitcoin liquidations may have missed out on potential gains of up to $17 billion.

· Arizona, New Hampshire, and Texas have incorporated state-level Bitcoin reserves into law.

· Dozens of states are considering similar measures.

This hoarding strategy reflects the increasing confidence of governments in various countries regarding Bitcoin as a long-term store of value, considering it an important component of national wealth.

National-level Bitcoin Strategy for Diversification: From Mining to Taxation

In addition to establishing strategic reserves, countries are adopting various methods to participate in the Bitcoin ecosystem:

· Government-supported Bitcoin mining

· Government-supported mining has become the second most popular way to participate, with 14 countries actively or proposing to conduct such operations:

· Argentina utilizes torch gas for government-supported mining

· Countries like Bhutan, El Salvador, Ethiopia, and Oman are mining through power supply agreements.

· These countries accumulate Bitcoin through a profit-sharing model, converting energy resources into digital assets.

· Passive holding and tax acceptance

· Seven countries hold Bitcoin through passive holding methods, including Bulgaria, China, and the United Kingdom.

· Four jurisdictions accept payment of taxes using Bitcoin, including Panama City, various states in Switzerland, Dubai, and Colorado.

· Vancouver, Canada has also proposed to establish similar tax legislation.

· Government Retirement Funds and Sovereign Wealth Funds

Government pension funds and sovereign wealth funds are becoming important channels for Bitcoin investments:

· The Michigan pension fund has directly invested in Bitcoin.

· 17 state pension funds maintain investments through indirect holdings

· The Japanese government pension is exploring the possibility of direct investment.

· South Korea's pension funds hold a large amount of strategic allocations

· The UAE sovereign wealth fund has invested in Bitcoin ETF

“Game Theory Competition”: Bitcoin Becomes the Key to the International Strategic Chessboard

The report positions the national-level adoption of Bitcoin as a “game theory competition,” with countries seeking alternatives to traditional reserve assets. Several key driving factors lie behind this trend:

· Bitcoin is seen as a digital complement to gold reserves, with greater portability and divisibility.

· Its anti-sanction characteristics enable countries to achieve direct international payments without the need for a dollar intermediary.

· As a tool for hedging against inflation and currency depreciation, especially in emerging market countries.

Since 2024, the adoption momentum of Bitcoin has significantly accelerated, surging from sporadic activities before 2020 to over 50 exposure events by early 2025. The report concludes that major powers across continents now regard Bitcoin as a macroeconomic asset, and this trend is unlikely to reverse.

The Future of Bitcoin: From Alternative Asset to Global Reserve Asset

As more and more countries incorporate Bitcoin into their national financial strategies, Bitcoin is gradually transitioning from an alternative investment to a global reserve asset. This shift not only enhances the legitimacy of Bitcoin, but also provides new support for its long-term value.

For investors, this trend suggests that Bitcoin may enter a new stage of development, where its value proposition is no longer limited to speculation or personal savings, but extends to the level of national economic security and strategic resources.