The race to accumulate Bitcoin as a strategic reserve is gaining momentum. While the United States has been debating the creation of a national Bitcoin stockpile, other countries are moving quickly. The Czech Republic is emerging as a potential leader in Europe, with plans to become the first nation on the continent to officially hold Bitcoin as part of its national reserves.
Czech National Bank Governor Aleš Michl is set to present a proposal for Bitcoin acquisition on January 30, 2025. If approved, the Czech Republic will allocate 5% of its $146 billion reserves—approximately $7.3 billion—to Bitcoin. Michl has previously expressed interest in BTC as a diversification tool, but until now, the central bank has focused more on traditional assets like gold. Just weeks ago, the advisory board dismissed the idea of adding Bitcoin to the country’s reserves, emphasizing gold accumulation instead. However, the rapid institutional adoption of Bitcoin may be pushing the Czech Republic to reconsider its stance.
Meanwhile, in the United States, expectations were high that Donald Trump would sign the Strategic Bitcoin Reserve proposal immediately after taking office. However, instead of rushing into the initiative, the administration has taken a more measured approach, directing the Senate’s Digital Assets Subcommittee to present a formal plan by July. There are multiple competing models for the Bitcoin reserve. One proposal, championed by Senator Cynthia Lummis, suggests that the U.S. government acquire one million BTC over five years and hold them for at least two decades. In contrast, Trump has proposed utilizing seized Bitcoin for the national stockpile rather than making direct purchases.
Bitcoin accumulation is not just a federal initiative in the U.S. Several states, including Texas, Ohio, and Pennsylvania, are exploring their own Bitcoin reserve strategies. The Texas and Ohio proposals involve managing seized BTC rather than purchasing new holdings, while Pennsylvania’s initiative aims to allocate 10% of the state budget toward Bitcoin acquisitions.
The Czech Republic is not alone in its pursuit of a Bitcoin reserve. El Salvador remains the most aggressive adopter of Bitcoin, having made it legal tender in 2021 and amassing over 6,000 BTC. Brazil has introduced legislation to convert 5% of its national reserves into Bitcoin, with plans to use BTC as a partial backing for its central bank digital currency. Russia and Japan have previously explored Bitcoin reserves but have opted to delay their decisions. In Poland, libertarian presidential candidate Sławomir Mentzen has proposed a national Bitcoin reserve, though it remains uncertain whether he has a realistic chance of winning the election.
Several nations hold significant amounts of seized Bitcoin but have not yet established formal reserves. The United Kingdom controls over 61,000 BTC, while Ukraine has received crypto donations in response to the ongoing conflict with Russia. Reports suggest that China may possess more than 190,000 BTC, though this claim is disputed due to a lack of blockchain evidence.
As governments navigate the complexities of Bitcoin accumulation, major corporations are taking the lead in building their own BTC reserves. Industry giants like BlackRock and MicroStrategy have been amassing Bitcoin at an unprecedented pace, with BlackRock’s holdings surpassing 500,000 BTC and MicroStrategy accumulating over 10,000 BTC. These corporate reserves already exceed El Salvador’s national Bitcoin holdings, demonstrating the growing institutional confidence in Bitcoin as a long-term store of value.
Beyond the direct accumulation of BTC, the broader Bitcoin race extends into various aspects of the crypto economy. Governments and businesses are investing in Bitcoin mining, exploring regulatory frameworks, and considering Bitcoin-backed financial instruments. The rapid adoption of BTC signals a fundamental shift in how nations and corporations approach financial stability and asset diversification.
The Czech Republic’s potential move to establish a Bitcoin reserve could set a precedent for other European nations. If approved, it would challenge the notion that only developing economies like El Salvador are willing to take bold steps toward Bitcoin integration. While the United States remains at the center of Bitcoin discussions, its cautious approach may allow other countries to gain an early advantage in the global BTC race. Whether through official reserves, corporate treasuries, or state-level initiatives, the accumulation of Bitcoin is becoming a key strategy for those looking to secure their place in the digital financial future.
