According to Odaily, Fidelity Digital Assets analyst Matt Hogan stated in a report titled '2025 Outlook' released on January 7, that more nation-states, central banks, sovereign wealth funds, and government treasuries are expected to seek strategic positions in Bitcoin. Hogan noted that these institutions might observe the strategies adopted by Bhutan and El Salvador, which have yielded significant returns in a relatively short period. He emphasized that the risks of not allocating Bitcoin could outweigh those of allocation, given the challenges of inflation, currency devaluation, and growing fiscal deficits. Hogan further suggested that if the United States continues to advance its Bitcoin strategic reserve plan, nation-states might begin to accumulate Bitcoin secretly. He added that no country is incentivized to announce such plans, as doing so could attract more buyers and drive up prices.