On March 20, entrepreneur and investor Anthony Pompliano remarked on Fox News, “There’s a global competition unfolding—nations like Russia, Abu Dhabi, El Salvador, and Bhutan are all vying to acquire Bitcoin… much like the era of the space race, we now have a Bitcoin race.”
The concept of a Bitcoin “race” has taken shape as global leaders engage in conversations about the critical need to either create digital asset reserves or adopt cryptocurrency as a form of legal tender.
In 2021, El Salvador became the first nation to recognize Bitcoin as legal tender, acquiring over 2,000 BTC for its national reserves to promote financial inclusion and spur economic development. This decision has garnered both acclaim and criticism due to the inherent volatility of Bitcoin. Following suit in 2022, the Central African Republic also embraced Bitcoin as a method to advance its economic development and enhance financial inclusion in one of the world’s most underdeveloped regions.
These actions are indicative of a rising interest in Bitcoin as a viable alternative financial strategy. With a maximum supply capped at 21 million, most of which will be mined in the next decade, the competition intensifies.
The prevailing theory suggests that countries viewing Bitcoin as a valuable reserve asset will strive to secure a larger portion of the total BTC supply.
Supporters argue that the combination of scarcity and increasing demand will elevate Bitcoin’s value, thereby empowering significant holders of BTC.
Insights from Saylor…
Michael Saylor, a notable advocate for Bitcoin, pointed out that 78% of the U.S. land was acquired for a mere $40 million at one time. The former CEO of MicroStrategy cited various land transactions, including the 1803 Louisiana Purchase, to illustrate the potential wisdom of the U.S. government in investing in Bitcoin while it remains “affordable.”
In a recent address, Saylor referred to the upcoming decade as “a digital gold rush,” equating Bitcoin to the Manhattan Project and describing it as “digital energy.”
“Currently, Bitcoin constitutes the digital capital network, wielding control over 99% of power within the crypto landscape,” he stated. “Only Bitcoin is acknowledged by the U.S. government as legitimate digital capital. In order to safeguard the future of cyberspace and sustain global financial supremacy, America must strategically embrace Bitcoin. Only Bitcoin and U.S. Treasuries possess the liquidity and worldwide trust needed to function as dependable reserve assets.”
It’s no surprise that Saylor has been a strong advocate for government initiatives aimed at boosting the United States’ Bitcoin reserves.
Former President Donald Trump, Republican Senator Cynthia Lummis, and Bo Hines, who heads the President’s Council of Advisors on Digital Assets, have all shown interest in expanding the U.S.’s stockpile of Bitcoin.
Like Saylor, Pompliano, one of the most zealous crypto advocates in the U.S., emphasizes the significance of the Trump administration’s interest in Bitcoin dominance.
When discussing Bitcoin’s future price, Pompliano revealed in an appearance on Fox News that while he cannot predict when BTC will reach one million, he is optimistic that, similar to gold, its value will rise from its existing level.
As of the latest figures, Bitcoin is trading slightly over $84,000.
“I believe people seriously underestimate how determined they will be in acquiring Bitcoin,” Pompliano declared. “Everyone thinks it’s amusing that they have 200,000 Bitcoin stored and consider that a reserve — but they are just going to keep buying more.”
Who is joining the Bitcoin race?
In addition to the U.S., Pompliano mentioned Russia, El Salvador, Bhutan, and the United Arab Emirates as participants in the Bitcoin race. While all these nations reportedly hold Bitcoin, it’s unclear if they have expressed an explicit intention to acquire more.
The extent of Russia’s crypto holdings is somewhat ambiguous, but it is known that the country has extensive mining operations and that local firms are utilizing cryptocurrency for international trade and to circumvent Western sanctions.
Pompliano also overlooked several significant Bitcoin holders, such as China, which ranks as the second-largest BTC holder after the U.S.
Following China, the United Kingdom and Ukraine are currently the next largest holders of Bitcoin, according to data from BitBo’s Bitcoin Treasuries page.
Each of these nations has adopted distinct strategies:
- North Korea’s hackers have pilfered hundreds of millions of dollars in crypto from exchanges.
- The U.K. possesses crypto that was seized during the dismantling of a large-scale money laundering operation.
- Ukraine emerged as a notable Bitcoin holder through donations received during the escalation of the Russian-Ukrainian conflict in 2022.
- The U.S. plans to confiscate Bitcoin and crypto assets linked to criminal cases, with individual states considering the creation of local reserves.
Additionally, large corporations such as Strategy (formerly MicroStrategy) and asset manager BlackRock are among the top Bitcoin holders, competing on a scale comparable to some nations in terms of Bitcoin concentration. These firms collectively own or manage around 500,000 Bitcoins, which represents over 2% of the total supply. As of March 2025, no nation has managed to amass that level of Bitcoin.
Many nations are opting out
European nations have often taken a cautious yet innovative stance towards blockchain technologies. Estonia, for example, is recognized as a global leader in utilizing blockchain for electoral processes and healthcare data management. However, EU countries generally adopt a conservative approach to cryptocurrency reserves, primarily due to Bitcoin’s high volatility and low liquidity.
Similar sentiments are echoed by nations such as Switzerland, South Korea, and Japan, who seem unconcerned by America’s enthusiasm for securing dominance in this Bitcoin competition. In fact, Germany has gone so far as to liquidate thousands of Bitcoin.
Crypto.news approached Genius Group, a company utilizing Bitcoin as a corporate reserve, to inquire how they strategize their market timing.
“As fundamental believers in Bitcoin’s long-term potential, we do not attempt to time the market; rather, we adopt a buy-and-hold philosophy with the intention of never selling,” a spokesperson stated.
Assuming this Bitcoin race exists, as Pompliano described, we must consider: Were countries without spacecraft or nuclear capabilities in the 20th century left behind entirely?