Two members of Sweden’s right-leaning Sweden Democrats have initiated a motion advocating for the examination of a potential national Bitcoin reserve. Filed on October 1 by lawmakers Dennis Dioukarev and David Perez, the motion seeks to explore the feasibility of establishing a strategic reserve of Bitcoin and to determine which governmental authority would be best suited to oversee it. Additionally, the proposal emphasizes that the government should clarify it has no intentions of altering the definition of legal tender or introducing a central bank digital currency.
The proponents of this initiative argue that Bitcoin could serve as a valuable complement to Sweden’s gold and foreign exchange reserves. Referring to Bitcoin as “digital gold,” they suggest that including cryptocurrency in national reserves could diversify state holdings and offer protection against inflation. The motion states, “By building a strategic Bitcoin reserve, Sweden is positioning itself for a potentially disruptive shift in the global financial infrastructure.”
The movement for national Bitcoin reserves has gained traction worldwide, especially following U.S. President Donald Trump’s executive order in March that established a national Bitcoin reserve funded by assets seized through law enforcement. Countries such as Bhutan and El Salvador had already ventured into holding Bitcoin, but the U.S. policy shift has prompted a reassessment among other nations regarding their stance on cryptocurrencies.
Some nations, including the UK, China, and Finland, maintain unofficial “reserves” comprised of digital assets confiscated during criminal investigations. There are also discussions in countries like Poland and Latvia about the potential establishment of strategic Bitcoin reserves. Recently, Kazakhstan announced a state-backed crypto reserve that includes BNB, a digital token associated with the Binance exchange.
On the U.S. state level, Texas, Arizona, and New Hampshire have enacted legislation to create their own Bitcoin reserves. The recent Swedish proposal aligns with previous sentiments expressed by other lawmakers in Sweden, including calls earlier this year for the Finance Minister to reconsider the country’s reserved stance on Bitcoin amid its increasing acceptance globally.
Supporters of the Swedish motion assert that incorporating Bitcoin into the national reserves may enhance asset diversification, reducing correlations with traditional investments affected by political and economic risks. Although the motion acknowledges that Bitcoin’s value does parallel broader market trends, it contends that its value is less strictly governed by individual states’ monetary policies than traditional assets.
Financial institutions have begun to weigh in on the topic, with a recent report from Deutsche Bank Research noting that central banks are reevaluating their reserves in light of inflationary pressures and geopolitical instability. While the report acknowledged the growing recognition of Bitcoin, it also cautioned of its volatility and vulnerability to fraud compared to more established assets like gold.
The U.S. plan has faced criticism from various corners, with opponents arguing that it could serve to benefit select political leaders while introducing unpredictability to markets. The late Congressman Gerry Connolly expressed concerns regarding the soundness of such a fiscal approach, labeling it a “get rich quick scheme” rather than a true benefit to Americans.
