Some countries are considering establishing national bitcoin reserves, driven by a historic market rally that has seen the world's largest cryptocurrency hit new highs in recent weeks, with the price of the digital currency topping $100,000 for the first time earlier this month.

U.S. President-elect Donald Trump and his allies have repeatedly supported bills to keep Bitcoin reserves at the Federal Reserve, and it may soon be possible to achieve this goal.

Brazilian government officials have also proposed legislation to make this possible, while politicians in Poland and Russia have also supported the idea of ​​adding digital currencies to their national balance sheets.

El Salvador is taking the lead in this regard by designating Bitcoin as legal tender while gradually accumulating Bitcoin as its reserve since 2021.

While it remains unclear whether other countries will truly stockpile Bitcoin in the short term, one thing is evident: the interest in holding the token as a reserve asset has reached a fever pitch. Here are the countries considering establishing national Bitcoin reserves.

The United States

Several U.S. lawmakers have already pushed for the establishment of a strategic Bitcoin reserve.

Wyoming Senator Cynthia Lummis introduced a bill called the 'Bitcoin Act' last spring, proposing that the U.S. purchase up to 200,000 Bitcoins per year over the next five years, or 5% of the total supply of the token.

Bitcoin will be stored in 'a decentralized secure Bitcoin vault network operated by the U.S. Treasury', with token acquisitions completed through the diversification of existing Federal Reserve funds (such as bonds, loans, and gold).

In July last year, President-elect Donald Trump also supported the 'strategic Bitcoin reserve' at BTC 2024 held in Nashville—one of many cryptocurrency-related promises he hopes to fulfill after taking office.

Trump stated at the event: 'This will be the policy of my administration... to keep 100% of all Bitcoin currently held or acquired by the U.S. government for the future.'

At the state level, efforts to establish Bitcoin reserves are also underway.

A lawmaker from Texas proposed a bill last week to establish a Bitcoin reserve in the state, to be held for at least five years. Meanwhile, a similar bill was also proposed in Pennsylvania in November.

Brazil

The Brazilian government has proposed a bill to establish a national Bitcoin reserve.

According to proposed legislation submitted on November 25, the sovereign strategic Bitcoin reserve (RESBit) will account for 5% of Brazil's international reserves. Its goal is to diversify the assets of the Brazilian Treasury.

Federal Deputy Eros Biondini stated in the proposed bill that incorporating Bitcoin into the treasury 'would reduce Brazil's exposure to exchange rate fluctuations and geopolitical risks, enhancing economic resilience.'

According to the proposal, the Brazilian central bank will work with the Treasury to manage the Bitcoin reserves. These funds will be used to support Brazil's CBDC, known as Drex. According to the bill, Bitcoin will be stored in cold wallets.

Poland

Polish presidential candidate Sławomir Mentzen advocates for establishing a strategic Bitcoin reserve and pushing for cryptocurrency-friendly laws and regulations in Poland.

Sławomir Mentzen stated in a post on X (formerly Twitter): 'If I become the President of Poland, our country will be a haven for cryptocurrencies, with very friendly regulations, low taxes, and a supportive attitude from banks and regulators.'

This politician stated in another X post: 'It's time for Polish politicians to look to the future.'

This far-right nationalist candidate is ranked third in polls in the Eastern European country. It remains unclear whether Mentzen's political opponents also support the establishment of a strategic Bitcoin reserve.

Russia

According to the Russian state news agency Ria, Russian parliament representative Anton Tkachev proposed establishing a national Bitcoin reserve last December.

In November last year, several Russian lawmakers suggested establishing a 'cryptocurrency reserve' in the 'treasury', but were opposed by Anatoly Aksakov, chairman of the Russian State Duma committee.

They also successfully passed legislation this autumn legalizing cryptocurrency mining and the use of digital assets for international payments.

Russia's recent shift in attitude towards cryptocurrencies indicates that it may reconsider the strategic Bitcoin reserve issue, with at least one senior Russian official previously expressing support for this proposal.

In a 2021 interview with the Russian International News Agency, Russian Deputy Foreign Minister Alexander Pankin stated that he was willing to partially replace the country's dollar-based reserves and trade settlements with other currencies, including cryptocurrencies.

Alexander Pankin stated that Russia might replace the dollar with various national currencies, 'and in the future, there may be some kind of digital asset.'

Japan

Japanese legislator Satoshi Hamada submitted a formal request to the legislature in December to discuss the establishment of a national Bitcoin reserve in Japan.

The party of Satoshi Hamada holds only two seats in the Japanese parliament, but there are other Bitcoin supporters in the legislature—In October, the leader of the Constitutional Democratic Party, Yuichiro Tamaki, proposed tax reductions and regulatory reforms for cryptocurrency holders and companies in Japan.