Fidelity: More Countries to Buy Bitcoin by 2025 – From Resistance to Strategic Reserves

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For over a decade since Bitcoin’s inception in 2009, most governments have remained cautious—often outright resistant—to including the digital asset in national reserves. Concerns over volatility, regulatory uncertainty, and financial stability kept Bitcoin at arm’s length from traditional foreign exchange and gold-backed reserve strategies.

But the tide is turning. With Bitcoin recently surpassing $100,000 and shifting political winds—especially with pro-crypto U.S. President-elect Donald Trump preparing to take office—Fidelity, one of the world’s largest asset managers, predicts a seismic shift in how nations approach Bitcoin.

According to Fidelity Digital Assets’ newly released 2025 Look Ahead report, more countries are expected to move from skepticism to active accumulation of Bitcoin by 2025. This shift could redefine global monetary policy and reshape the role of digital assets in sovereign finance.

Bitcoin as a Strategic Reserve Asset

Fidelity forecasts that central banks, sovereign wealth funds, and government treasuries will begin purchasing Bitcoin as a hedge against macroeconomic instability—mirroring the role traditionally played by gold.

“For many nations, not holding any Bitcoin may soon pose a greater risk than holding it,” said Matt Hogan, research analyst at Fidelity Digital Assets.

Persistent inflation, currency devaluation, and growing fiscal deficits are pushing governments to reconsider their reserve strategies. In this context, Bitcoin’s fixed supply cap of 21 million coins makes it an attractive store of value—especially for countries facing economic uncertainty or seeking alternatives to the U.S. dollar-dominated financial system.

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Current Government Bitcoin Holdings

While few nations have officially adopted Bitcoin as part of their formal reserve strategy, several governments already hold significant amounts—mostly acquired through law enforcement seizures rather than strategic purchases.

Data from bitcointreasuries.net (as of January 9, 2025) shows the top six governments by Bitcoin holdings:

Despite these large holdings, most governments—including the U.S.—are legally restricted from treating seized Bitcoin as permanent treasury assets. Instead, they often auction off confiscated coins. This means current holdings reflect enforcement activity, not policy adoption.

However, two nations stand out as pioneers in intentional Bitcoin accumulation: El Salvador and Bhutan.

Why Countries Are Changing Their Stance

1. Early Movers Are Seeing Massive Gains

El Salvador made history in 2021 by becoming the first country to adopt Bitcoin as legal tender and include it in its national reserves. Since then, it has steadily accumulated 6,022 BTC—now worth over $565 million. Despite initial skepticism, the country’s bold move has yielded substantial returns and global attention.

Similarly, Bhutan’s sovereign wealth fund, Druk Holdings & Investments, has been accumulating Bitcoin through mining since 2019. It now holds 11,688 BTC—valued at approximately $1.1 billion. In December 2024, Bhutan’s Gelephu Special Administrative Region (GeSAR) announced it would include Bitcoin, Ethereum, and Binance Coin in its strategic reserves.

These success stories are not going unnoticed. Fidelity suggests that other nations may soon follow, driven by the tangible financial benefits demonstrated by early adopters.

2. U.S. May Lead with a National Bitcoin Reserve

Political momentum in the United States could accelerate global adoption. President-elect Donald Trump and Republican Senator Cynthia Lummis have both voiced strong support for establishing a U.S. Bitcoin strategic reserve.

In July 2024, Senator Lummis introduced a bill proposing that the U.S. government purchase one million Bitcoin over five years. If passed, this would mark a historic shift in federal asset policy and likely trigger a wave of imitation from other nations.

“The U.S. adopting a national Bitcoin reserve would force a global rethink,” Hogan noted. “It would no longer be a fringe idea—it would become a geopolitical necessity.”

Even without official policy, countries might begin quietly accumulating Bitcoin to avoid being left behind. As Fidelity warns, such purchases could happen discreetly to avoid market disruption and price surges.

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Core Keywords

Frequently Asked Questions

Q: Why would countries want to hold Bitcoin as a reserve asset?
A: Like gold, Bitcoin offers a hedge against inflation and currency devaluation. Its limited supply and decentralized nature make it an attractive option for diversifying national reserves in uncertain economic times.

Q: Is the U.S. currently holding Bitcoin as part of its reserves?
A: No. While the U.S. government holds over 198,000 BTC—mostly seized from illegal activities—it does not officially recognize Bitcoin as a reserve asset. These holdings are typically sold at auction rather than retained.

Q: How did El Salvador benefit from adopting Bitcoin?
A: El Salvador has seen significant unrealized gains from its Bitcoin investments. Beyond financial returns, the move boosted tourism, attracted crypto businesses, and positioned the country as a leader in financial innovation.

Q: Could other countries follow Bhutan’s model of mining Bitcoin?
A: Yes. Bhutan leverages its abundant hydroelectric power to mine Bitcoin sustainably. Nations with low-cost renewable energy could replicate this model to build reserves without direct market purchases.

Q: What risks do governments face when buying Bitcoin?
A: Price volatility remains a key concern. Additionally, regulatory challenges, cybersecurity threats, and geopolitical perceptions could complicate large-scale adoption.

Q: Will central banks start buying Bitcoin directly?
A: While no major central bank has done so yet, Fidelity believes this could change by 2025—especially if macroeconomic instability increases or if a major economy like the U.S. takes the first step.

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The Road Ahead

The journey from dismissing Bitcoin as speculative to embracing it as strategic reserve reflects a broader transformation in global finance. What was once considered fringe is now being evaluated by some of the world’s most influential financial institutions.

Fidelity’s 2025 outlook underscores a pivotal moment: governments are no longer just reacting to cryptocurrency—they are beginning to shape its future.

Whether driven by economic necessity, political vision, or competitive pressure, the trend toward national Bitcoin adoption appears inevitable. As more countries explore digital asset reserves, the line between traditional and digital finance will continue to blur—ushering in a new era of monetary sovereignty and innovation.

The question is no longer if more nations will buy Bitcoin—but when, and how quickly they’ll act before the window of opportunity closes.