According to a report by the Bitcoin Policy Institute issued on September 22, Bitcoin (BTC) adoption is on the rise in countries.
The survey documented a rapid acceleration in government adoption after President Donald Trump’s election and subsequent executive order established a strategic Bitcoin reserve in the United States.
The report identifies active Bitcoin exposures in 27 countries, with 13 suggesting laws to obtain such exposures.
As some countries pursue multiple approaches at the same time, numbers reflect overlapping categories. Argentina uses flare gas to operate government-supported mining while proposing laws for strategic preparation.
The United Arab Emirates (UAE) employs three positive exposure methods: government-sponsored mining, sovereign wealth fund investments in Bitcoin ETFs, and accepting tax payments.
Strategic Bitcoin Reserve is a reliable strategy
The Strategic Bitcoin Reserve (SBR) represents the most common approach, with 16 countries proposing or enacting such policies.
Trump’s executive order established a federal policy to hold rather than selling seized Bitcoin holdings, citing potential $17 billion in profits that would have been overlooked from previous liquidation.
Arizona, New Hampshire and Texas codify state-level reserves into law, with dozens of states taking into account similar measures.
In addition to the SBR idea, government-supported Bitcoin mining ranks as the second most common way for 14 countries to actively or propose such businesses.
Government-supported exploration
Currently, 10 countries are mining mines through power clause arrangements that generate accumulation of profit-sharing Bitcoin. Argentina, Bhutan, El Salvador, Ethiopia, Iran, North Korea, Oman, Russia, the United Arab Emirates and Venezuela all maintained or operated government mining programs.
Seven countries hold Bitcoin via passive holdings, including seized cryptocurrencies that the government has chosen not to sell. Bulgaria, China, Finland, Georgia, India, the UK and Venezuela maintain such holdings, while Finland has particularly maintained coins with the court decisions pending.
The four countries accept Bitcoin tax payments across different jurisdictions. Panama City, Swiss Canton, Dubai and Colorado are allowing Bitcoin tax payments, which propose similar laws to Vancouver, Canada.
Government pension funds and sovereign wealth funds provide additional exposure as per their exposure. Michigan’s state pension funds invested directly in Bitcoin, while other 17 state pension funds maintain indirect exposure through strategic holdings.
Internationally, Japanese government pension funds are seeking direct investment, while Korean funds hold significant strategic allocations.
“Game Theory Race”
The report positioned the adoption of Bitcoin as a “game theory race” in the country seeking alternatives to traditional reserve assets. The country views Bitcoin as a complement to gold reserves, offering the advantages of digital portability over physical assets.
The authors argue that Bitcoin provides property that can withstand sanctions and allows for direct international payments without the intermediary of dollars.
Adoption momentum has accelerated significantly since Trump’s election, with revealing events surged to over 50 events from sporadic pre-2020 activities at the start of 2025.
The report concludes that a major power across the continent will be involved with Bitcoin as a macroeconomic asset, and there is no possibility of a reversal.
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