On March 20, investor and entrepreneur Anthony Pompliano said on Fox Information, “There’s a world race occurring–Russia, Abu Dhabi, El Salvador, Bhutan–all these different international locations try to purchase Bitcoin… the identical approach that there was an area race there’s now a Bitcoin race.”
The concept of a Bitcoin “race” is now a actuality as world leaders actively focus on the urgency of both establishing digital asset reserves or embracing cryptocurrency as authorized tender.
El Salvador, in 2021, grew to become the primary nation to make Bitcoin authorized tender, buying over 2,000 Bitcoin as a part of a nationwide reserve to foster monetary inclusion and financial progress. The transfer has been each celebrated and criticized as a consequence of Bitcoin’s volatility. Equally, in 2022, the Central African Republic grew to become the second nation to undertake Bitcoin, viewing the cryptocurrency as a device to enhance financial growth and monetary inclusion in one of many world’s least developed nations.
Each international locations’ actions mirror rising curiosity in Bitcoin instead monetary technique. It’s hard-capped at 21 million, and in 10 years, most of it is going to be mined.
The idea is that the international locations contemplating Bitcoin a invaluable reserve asset will try to ascertain as a lot possession of the full BTC provide as doable.
Proponents consider shortage and rising demand will drive Bitcoin’s worth, making massive BTC holders influential.
What Saylor says…
One of the vital outstanding Bitcoin evangelists, Michael Saylor, stated that 78% of the U.S. was purchased for $40 million sooner or later. The previous CEO of MicroStrategy referred to varied land acquisitions, such because the Louisiana Buy of 1803 as an instance why the U.S. authorities can purchase Bitcoin now when it’s “low-cost.”
In a latest speech, Saylor known as the following decade “a digital gold rush” and in contrast Bitcoin to the Manhattan Undertaking, dubbing it “digital power.”
“Immediately, Bitcoin represents the digital capital community, controlling 99% of energy inside the cryptocurrency ecosystem,” he stated. “The U.S. authorities acknowledges solely Bitcoin as authentic digital capital. To safe the way forward for our on-line world and preserve world monetary dominance, America should undertake Bitcoin strategically. Solely Bitcoin—and U.S. Treasuries—have the liquidity and world belief required to function dependable reserve property worldwide.”
No marvel Saylor has been vocally supportive of presidency officers pushing to extend the U.S.’s BTC stockpile.
President Donald Trump, Republican Sen. Cynthia Lummis, and Bo Hines, the Government Director of the President’s Council of Advisors on Digital Property, have all expressed a want to extend the U.S.’s Bitcoin reserve.
Like Saylor, Pompliano (among the many most vocal crypto advocates within the U.S.) considers the Trump administration’s give attention to Bitcoin dominance vital.
Talking in regards to the future value of Bitcoin, Pompliano stated throughout a Fox Information look that he doesn’t know when BTC will hit a million. Nonetheless, he’s seemingly assured that, like gold, its worth will enhance from the place it presently is immediately.
Eventually examine, Bitcoin is buying and selling at simply above $84,000.
“I feel persons are drastically underestimating how maniacal they’ll be about shopping for Bitcoin,” Pompliano stated. “Everybody thinks it’s cute that they put 200,000 Bitcoin over right here and now we have now this reserve — they’ll proceed to purchase Bitcoin.”
Who participates within the Bitcoin race?
Aside from the U.S., Pompliano named Russia, El Salvador, Bhutan, and the United Arab Emirates. Certainly, all of those international locations reportedly have Bitcoin holdings, however not essentially all of them explicitly expressed their want to purchase extra.
It’s not fairly clear how a lot crypto Russia holds. Nonetheless, it’s identified that Russia has large-scale mining operations whereas native firms use crypto for worldwide commerce and dodging Western sanctions.
Pompliano uncared for to say a number of main Bitcoin holders, together with China, which is the second largest BTC proprietor after the U.S.
The UK and Ukraine presently observe China, in keeping with BitBo’s Bitcoin Treasuries web page.
All these international locations have totally different methods:
- North Korea’s hackers steal lots of of hundreds of thousands of {dollars} value of crypto from crypto exchanges.
- The UK holds crypto, seized whereas dismantling a high-scale money-laundering operation.
- Ukraine grew to become a notable Bitcoin holder by means of donations made after the intensification of the Russian-Ukrainian battle in 2022.
- The U.S. intends to confiscate Bitcoin and crypto property from legal circumstances. It’s value noting that many particular person states are exploring the creation of local-level reserves.
Greater than that, some firms, most notably Technique (beforehand MicroStrategy) and asset supervisor BlackRock, are among the many world’s largest Bitcoin holders, able to competing with main nations when it comes to Bitcoin dominance. Each companies personal or handle round 500,000 Bitcoins (over 2% of the full provide). As of March 2025, no nation holds even half that quantity.
Many international locations are opting out
European international locations have been cautious and revolutionary of their interactions with blockchain options. As an example, Estonia is likely one of the world’s pioneers in adopting blockchain for elections and healthcare knowledge administration. Nonetheless, the EU international locations take a conservative stance on the subject of crypto reserves. Excessive volatility and low liquidity are the principle causes for rejecting Bitcoin’s reserve institution.
Related causes are cited by Switzerland, South Korea, Japan, and different international locations that appear unbothered by America’s ardour for profitable within the Bitcoin musical chairs recreation. Germany went thus far to promote hundreds of Bitcoin.
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Crypto.information requested Genius Group, an organization utilizing Bitcoin as a company reserve, how they time the market.
“As elementary believers within the long-term potential of Bitcoin, we don’t attempt to time the market, however moderately purchase and maintain with the intention of by no means promoting,” a spokesperson responded.
Let’s assume the so-called Bitcoin race exists, as Pompliano described it. If we evaluate it to area or the Manhattan Undertaking, we should ask ourselves: Had been the international locations that didn’t have spacecraft or atomic weapons within the twentieth century left with nothing?