The Global Bitcoin Race

On March 20, investor and entrepreneur Anthony Pompliano stated on Fox News, “There’s a global race going on–Russia, Abu Dhabi, El Salvador, Bhutan–all these other countries are trying to buy Bitcoin… the same way that there was a space race there’s now a Bitcoin race.”

The idea of a Bitcoin “race” is now a reality as world leaders actively discuss the urgency of either establishing digital asset reserves or embracing cryptocurrency as legal tender.

Bitcoin Legalization in Action

El Salvador, in 2021, became the first country to make Bitcoin legal tender, purchasing over 2,000 Bitcoin as part of a national reserve to foster financial inclusion and economic growth. The move has been both celebrated and criticized due to Bitcoin’s volatility.

Similarly, in 2022, the Central African Republic became the second country to adopt Bitcoin, viewing the cryptocurrency as a tool for improving economic development and financial inclusion in one of the world’s least developed nations.

Both countries’ actions reflect growing interest in Bitcoin as an alternative financial strategy. It’s hard-capped at 21 million, and in 10 years, most of it will be mined.

The theory is that the countries considering Bitcoin a valuable reserve asset will strive to establish as much ownership of the total BTC supply as possible.

Proponents believe scarcity and growing demand will drive Bitcoin’s value, making large BTC holders influential.

What Saylor Says

One of the most prominent Bitcoin evangelists, Michael Saylor, stated recently that 78% of the U.S. was acquired for $40 million at some point, referring to various land acquisitions, such as the Louisiana Purchase of 1803, to illustrate why the U.S. government should buy Bitcoin now when it’s “cheap.”
>
> “We purchased 78% of the United States for $40 million. America should buy Bitcoin.”
> — Michael Saylor⚡️ (@saylor) March 11, 2025

Saylor called the next decade “a digital gold rush” and compared Bitcoin to the Manhattan Project, dubbing it “digital energy.”

> “Today, Bitcoin represents the digital capital network, controlling 99% of power within the cryptocurrency ecosystem,” he said. “The U.S. government recognizes only Bitcoin as legitimate digital capital. To secure the future of cyberspace and maintain global financial dominance, America must adopt Bitcoin strategically. Only Bitcoin—and U.S. Treasuries—have the liquidity and global trust required to serve as reliable reserve assets worldwide.”

Saylor has been vocally supportive of government officials pushing to increase the U.S.’s BTC stockpile. President Donald Trump, Republican Sen. Cynthia Lummis, and Bo Hines, the Executive Director of the President’s Council of Advisors on Digital Assets, have all expressed a desire to increase the U.S.’s Bitcoin reserve.

> “We want as much Bitcoin as we can get.” – @BoHines on Bitcoin
> — Michael Saylor⚡️ (@saylor) March 18, 2025

Like Saylor, Pompliano considers the Trump administration’s focus on Bitcoin dominance important. Speaking about Bitcoin’s future price, Pompliano said he is confident it will rise, similar to gold, despite not knowing when it would reach one million.

Last checked, Bitcoin is trading at just above $84,000.

> “I think people are drastically underestimating how maniacal they are going to be about buying Bitcoin,” Pompliano said.

Who Participates in the Bitcoin Race?

Apart from the U.S., Pompliano named Russia, El Salvador, Bhutan, and the United Arab Emirates as participants. However, not all of them have explicitly expressed a desire to buy more.

Russia’s crypto holdings are unclear, but it is known to have large-scale mining operations while local companies use crypto for international trade and to dodge Western sanctions.

Pompliano did not mention other significant holders like China, which is the second biggest BTC owner after the U.S. The United Kingdom and Ukraine currently follow China, according to BitBo’s Bitcoin Treasuries page.

Different countries have different strategies:
– North Korea’s hackers steal millions in crypto.
– The UK holds crypto seized during a high-scale money-laundering operation.
– Ukraine’s holdings rose through donations after the Russian-Ukrainian conflict intensified in 2022.
– The U.S. plans to confiscate Bitcoin and crypto assets from criminal cases.

Corporations, notably Strategy (formerly MicroStrategy) and BlackRock, are among the world’s biggest Bitcoin holders, owning or managing around 500,000 Bitcoins (over 2% of the total supply). As of March 2025, no country holds even half that amount.

Many Countries are Opting Out

European countries have been cautious and innovative regarding blockchain solutions. For instance, Estonia has pioneered blockchain for elections and healthcare data management. However, EU countries take a conservative stance on crypto reserves, citing high volatility and low liquidity as reasons for rejecting Bitcoin as a reserve asset.

Similar positions are taken by Switzerland, South Korea, Japan, and others. Germany has gone so far as to sell thousands of Bitcoin.

Crypto.news asked Genius Group, a company using Bitcoin as a corporate reserve, how they time the market.

> “As fundamental believers in the long-term potential of Bitcoin, we don’t try to time the market, but rather buy and hold with the intention of never selling,” a spokesperson responded.

Assuming the so-called Bitcoin race exists, as Pompliano described it, one must consider: Were the countries that didn’t have spacecraft or atomic weapons in the 20th century left with nothing?

Read more:

• Why did South Korea reject a Bitcoin reserve?
• How do other countries explain the reluctance to adopt the BTC reserve?