Crypto Guide: Top 4 Countries with National-Level Crypto Strategies (and Why They Matter)
HODLing isn’t just for crypto degens and moon-chasing traders anymore—now, even nations are getting in on the game. A growing number of countries are developing crypto-focused policies and initiatives, reflecting the increasing acceptance of Bitcoin and digital assets. While individual HODLers chase big returns, countries are playing a bigger game—vying for dominance in the global crypto race.
A global race is heating up—and this time, it’s not for gold or oil, but for Bitcoin and the future of blockchain dominance. For many of us, the US was the early leader, with numerous policy initiatives aimed at leveraging its standing. In addition to a national policy, there are state-level initiatives which aim to hold or even invest in Bitcoin and major altcoins.
Recently, other countries have taken notice and are scaling up their initiatives to adopt Bitcoin and crypto technology. Recently, South Korea's FSC introduced crypto-friendly guidelines, which take effect in June 2025. Then, there's Pakistan's recent policy announcement on its planned Bitcoin holdings, unveiled to the public last May 28th.
These latest national policy developments, together with the ongoing efforts by the US government to create a stockpile, reflect the growing mainstreaming of Bitcoin, crypto, and blockchain technology. However, not all crypto policies are the same—some governments simply ride the hype, while others have their sights set on potential crypto dominance.
What's state HODLing, and why are countries rushing to approve a crypto policy?
State HODLing refers to a government's act of holding (not selling) Bitcoin or cryptos in its strategic reserves or national treasury. The word 'HODLing' is a popular crypto slang that's a misspelling of 'holding', and it means buying and holding digital assets long-term, regardless of their crazy price changes.
On a national (and policy) level, it means that a state officially owns and holds crypto assets that were acquired directly, mined, seized, or bought in the open market. Today, different countries adopt a variety of policies and techniques to build and manage their crypto holdings. Some governments will buy crypto directly, others will add mined assets, and some will combine methods—including purchases and seized or confiscated crypto.
In this section, we'll list popular examples of state HODLing and their strategies on how they will acquire, manage, and maintain
- United States
Although the US currently doesn't lead in Bitcoin (or crypto adoption) as a national strategy, at least in terms of using it as a legal tender, it's the global leader in terms of holding size. The US government holds the largest Bitcoin stash, at around 215,000, sourced from criminal seizures and company bankruptcies. like BitConnect and Silk Road. These US holdings gained from government seizures and operations are managed by the Department of Justice and the US Marshals Service.
In March 2025, President Donald Trump signed an executive order creating a 'Strategic Bitcoin Reserve', signalling a shift in the country's crypto policy. According to this policy, Bitcoin will be treated as a long-term store of value. The holdings will be primarily funded by forfeited or seized BTC, estimated at around 200,000 BTC or around $17 billion.
Under the proposed terms, the government can acquire more BTC or altcoins using budget-neutral strategies provided that these do not burden the taxpayers. Interestingly, there are state-level Bitcoin policies too, including the ones planned by Texas, Oklahoma, New Hampshire, and North Dakota.
- El Salvador
El Salvador isn't just one of the global leaders in Bitcoin adoption, but has one of the boldest strategies in terms of infrastructure, innovation, and inclusion. The country's Bitcoin and crypto policy is anchored on the pillars of adoption, infrastructure and innovation, and ongoing accumulation.
In 2012, El Salvador became the first country to recognize Bitcoin as an official legal tender, together with the USD. Since late 2022, the government has launched a policy to buy 1 BTC a day, gradually building its strategic Bitcoin reserve to 6,300 (around $650 million).
Aside from using BTC as a legal tender, El Salvador has led other nations in innovation and in setting up the infrastructure. The government has developed its Chivo digital wallet, and upon introduction, it distributed up to $30 BTC per citizen to boost adoption.
In addition, the national government has announced its Bitcoin city, a crypto-powered zone that will run using geothermal energy. Finally, the government announced training and certification for its nearly 80,000 government workers.
- Bhutan
Bhutan, a small Asian country nestled in the Himalayas, also boasts an interesting Bitcoin policy story. Unlike the US and other European countries, with their bold and very public policy, Bhutan takes on a rather low-key yet innovative approach to Bitcoin and crypto management.
This Asian country is best known for its 'green Bitcoin mining' initiative. Since 2019, the national government has been using surplus hydropower to mine BTC and other digital assets. Bhutan's green crypto mining initiative is handled by Druk Holding & Investments (DHI), the nation's sovereign fund, with the assistance of Bitdeer.
Also, Bhutan is one of the first countries to formally adopt a strategic Bitcoin reserve. Thanks to its early Bitcoin adoption and sustain mining efforts, the government of Bhutan now holds around 12,000 to 13,000 BTC, valued at around $600 to $750 million.
Bhutan has a rather innovative approach to Bitcon innovation and strategy. In addition to its Bitcoin mining initiative, this small Asian country also establishedits Gelephu Mindfulness City (GMC) which aims to integrate a crypto strategic reserve, blockchain ID, and its own token, the Ter.
In May 2025, it launched the world's first nationwide crypto payment for tourism, through FDK Bank and Binance Pay. Under this arrangement, travelers can now pay for their hotels, fees, guides, and other transactions over 100 cryptos, instantly converted to ngultrum at POS.
- Kazakhstan
Kazahstan is one of the latest country to add its name to join the race for global Bitcoina adoption. The country has recently announced that it's planning to use its seized crypto as part of its new national 'sovereign crypto reserve'. In a statement by the central bank governor, they plan to pool digital assets confiscated from criminal proceedings, and this will be backed by the revenues earned from state-run mining. Kazakhstan's latest announcement reflects a shift in its policy on handling seized digital assets.
Instead of liquidating these assets or storing them indefinitely, the government now aims to treat these as 'actual reserve assets', similar to how other nations manage their foreign currencies or gold.
Why are states HODLing?
So, what are the reasons why many countries are rushing to adopt a Bitcoin or crypto policy, in addition to its perceived potential ROI. Here are the top reasons why state HODLing is now important:
- Geopolitical hedge: Many analysts see Bitcoin or other top altcoins as a hedge against inflation, USD dominance, or even international sanctions.
- Financial innovation: Tapping Bitcoin and crypto reflects the country's readiness to embrace blockchain, DeFI, and related technology.
- Monetary diversification: Governments are now looking at ways to diversify their assets, and one way is to invest these in crypto and Bitcoin.
- Soft power influence: Countries that are slowly adopting Bitcoin and the blockchain technology are slowly gaining respect and admiration in the global stage.
