Recently, Bitcoin’s price surged past $93,000, and the market widely anticipates it could eventually reach $200,000. This optimistic forecast reflects a shift in narrative, as Bitcoin is increasingly viewed not only as “digital gold” but as a potential “national strategic reserve asset.”
Deepening Global Bitcoin Strategies
In recent years, various countries have been implementing diversified strategies around Bitcoin, emphasizing its value as a reserve asset.
Major Power Strategies
The U.S. government currently holds around 200,000 bitcoins, valued between $5 billion and $12 billion. These assets mostly come from confiscations by law enforcement in crackdowns on illegal activities. At this year’s Bitcoin conference, former President Trump stated that if re-elected, he would establish a “strategic Bitcoin reserve” to bolster the U.S.’s leadership in global digital assets. He pledged to halt the sale of government-held Bitcoin and plans to relax crypto regulations to encourage institutional and national holdings of these assets.
Meanwhile, Russia, under sanction pressures, is actively developing its Bitcoin mining industry and cross-border payments to circumvent the traditional global financial system. President Putin signed a law officially supporting Bitcoin mining, designating it as part of Russia’s national reserves and trade infrastructure. This policy leverages Russia’s vast energy resources to support mining, allowing it to conduct international transactions via Bitcoin and bypass the SWIFT system.
In China, although Bitcoin trading is banned, authorities frequently confiscate Bitcoin involved in judicial cases. While the government has not formally addressed this, these seized digital assets may function as a reserve in specific scenarios.
Smaller Nations' Initiatives
Bhutan leverages its hydroelectric power resources to conduct large-scale Bitcoin mining and currently holds over 12,000 bitcoins, worth over $1.1 billion—around one-third of its GDP. El Salvador has adopted a strategy of daily micro-purchases, amassing 5,930 bitcoins valued at around $470 million. The successful models of these smaller countries serve as examples for other developing nations.
Future Trends and Price Forecast
Bitcoin’s 2024 halving event marks a recurring cycle typically accompanied by a significant price increase. Additionally, the launch of spot ETFs, increased institutional investment, and the Federal Reserve’s interest rate reduction cycle will likely boost Bitcoin demand and prices further.
Market analysis suggests that if Bitcoin’s market cap reaches $4 trillion, its price per coin could exceed $200,000. As Bitcoin is increasingly adopted as a strategic reserve asset by more countries, this forecast may shift from a hopeful vision to a tangible reality. Bitcoin is evolving from “digital gold” into a national-level asset, introducing a new variable to the global economic system and a fresh tool in great-power competition.
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