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Although 13 countries hold Bitcoin as of 2024, only three countries have a national Bitcoin Reserve.
The concept of a Bitcoin reserve has been a critical topic of discussion among governments and regulators since the cryptocurrency’s massive growth and institutional adoption this year. Back in August 2024, Donald Trump spoke at The Bitcoin 2024 Conference in Nashville and presented the idea of the US having a national Bitcoin Reserve. With Trump’s re-election and BTC hitting its $100,000 milestone, the possibility of a national reserve is becoming more evident.
Meanwhile, other major governments are also considering the idea, as they wouldn’t want to fall behind the US economically. Recent reports suggest that Russian lawmakers have already suggested Vladimir Putin’s government consider a Bitcoin reserve to fight inflation and the instability of foreign currencies. Similar discussions are also being held at the state level in Canada.
So, 2025 is likely to be the year when major government around the world establish their own national reserves with the largest cryptocurrency. With that in mind, here are some of the countries that already have a national Bitcoin reserve:
What is a national Bitcoin reserve?
A national Bitcoin reserve is when a country’s government holds Bitcoin as part of its financial assets, similar to how they hold gold or foreign currencies. This strategy aims to diversify reserves, hedge against inflation, and reduce reliance on traditional financial systems.
It’s important to understand that a Bitcoin reserve is not the same as holding BTC. As of 2024, 13 nationals hold BTC, but only three have a national reserve.
A country holding Bitcoin refers to instances where the government or institutions under its control (e.g., central banks or sovereign wealth funds) own Bitcoin as an asset. Holdings are typically passive and not part of a long-term financial strategy. Governments may liquidate these assets as needed.
However, reserves are part of a deliberate financial diversification strategy. Bitcoin is used to hedge against inflation, reduce dependence on fiat reserves, or prepare for a shift to decentralized finance. Reserves are actively managed to align with long-term fiscal policies. The government integrates these holdings into economic planning, such as using them for international payments or national programs.
| Aspect | Holding Bitcoin | Bitcoin Reserve |
| Intent | Opportunistic or incidental | Strategic and planned |
| Scale | Usually small and temporary | Substantial and long-term |
| Integration | Minimal integration with fiscal policy | Integrated into the nation’s financial strategy |
| Examples | Seized assets in the U.S. | El Salvador’s Bitcoin accumulation |
| Purpose | Asset disposal or operational funding | Financial diversification and stability |
El Salvador
El Salvador made headlines in 2021 by becoming the first country to adopt Bitcoin as legal tender and establish a national reserve. President Nayib Bukele spearheaded this initiative, which aimed to boost financial inclusion, attract foreign investment, and reduce reliance on the US dollar.
The Legislative Assembly passed the Bitcoin Law in June 2021, which became effective on 7 September 2021. This law mandated that all businesses accept Bitcoin alongside the USD.
The government launched the Chivo Wallet, a digital wallet offering $30 in Bitcoin to encourage adoption. They also installed Bitcoin ATMs nationwide to facilitate transactions.
In the past three years, the country made several purchases of BTC at different price points. As of 10 December 2024, El Salvador has $555million worth of Bitcoin in its reserve, sitting at an unrealized profit of 118%.
Out of the 13 countries that hold Bitcoin, El Salvador is the only country directly buying the cryptocurrency.
The adoption faced criticism from institutions like the International Monetary Fund (IMF), citing financial stability concerns. Most recently, El Salvador is reportedly planning to amend its Bitcoin Law, making business acceptance of Bitcoin optional rather than mandatory. This is due to the country’s efforts in securing a $1.3billion loan from the IMF.
Royal Government of Bhutan
Bhutan has quietly become a significant player in the Bitcoin ecosystem, leveraging its abundant hydroelectric resources to mine and accumulate substantial Bitcoin reserves.
Bhutan began its Bitcoin mining activities around 2019, utilizing its renewable hydropower to power mining facilities. This approach aligns with the country’s commitment to sustainable development. The country’s investment arm, Druk Holding & Investments (DHI), oversees these mining operations. In May 2023, DHI partnered with Bitdeer, a technology company specializing in cryptocurrency mining, to develop a 100% carbon-free mining operation in Bhutan.
As of November 2024, Bhutan holds approximately 12,206 bitcoins, valued at over $1bn. This positions Bhutan among the five biggest government holders of Bitcoin globally.
Ukraine
Ukraine has actively engaged with Bitcoin, especially during the 2022 conflict with Russia. Here’s a detailed overview: In September 2021, Ukraine’s Parliament passed a law legalizing Bitcoin and other cryptocurrencies, aiming to regulate and integrate digital assets into the economy.
Following the Russian invasion in February 2022, the Ukrainian government solicited cryptocurrency donations to support defense efforts. By March 2022, these donations exceeded $50m, with contributions in Bitcoin, Ethereum, and other cryptocurrencies.
As of November 2023, reports indicate that Ukraine holds approximately 642 Bitcoins, valued at around $20m, accounting for 0.8% of government-held Bitcoin globally.
Understanding the US Bitcoin holdings
Unlike the three countries mentioned, the US doesn’t have a national Bitcoin reserve yet. The country’s Bitcoin holdings are part of the federal agencies’ capture and seizure of illicit funds. The upcoming government will potentially explore opportunities to convert these holdings into a strategic national reserve.
As of December 2024, estimates suggest that the government possesses approximately 213,297 Bitcoins, valued at around $19.7bn.
The majority of these Bitcoins were seized from the Silk Road crackdown. Launched in 2011, Silk Road was an online black market operating on the dark web, facilitating the sale of illegal goods and services using Bitcoin for transactions. In October 2013, the FBI shut down Silk Road and arrested its founder, Ross Ulbricht, who was later sentenced to life in prison.
Following the shutdown, authorities seized approximately 69,000 Bitcoins from Silk Road’s servers. In November 2021, law enforcement seized an additional 50,676 Bitcoins from James Zhong, who had unlawfully obtained them from Silk Road in 2012.
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01.
What is a national Bitcoin reserve?
A national Bitcoin reserve is when a country’s government holds Bitcoin as part of its financial assets, similar to how they hold gold or foreign currencies. This strategy aims to diversify reserves, hedge against inflation, and reduce reliance on traditional financial systems.
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02.
How many countries own Bitcoin?
As of December 2024, approximately 10 countries hold Bitcoin in their national reserves, collectively owning about 529,319 bitcoins, which is roughly 2.52% of the total supply.
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03.
Will Trump establish a Bitcoin reserve in the US?
President Donald Trump has proposed creating a strategic national Bitcoin reserve to integrate cryptocurrencies into mainstream financial markets. This plan includes accumulating Bitcoin as a national asset, aiming to position the U.S. as a leader in the crypto space. However, the implementation of this proposal depends on legislative approval and faces both support and criticism.
